Jury fails to reach unanimous verdict in spoofing case targeting software developer
The Court has declared a mistrial in the criminal procedings targeting Jitesh Thakkar, a software developer accused of spoofing.
A criminal case targeting Jitesh Thakkar, a software developer accused of spoofing, reached an impasse earlier this week. As per a brief entry by the the Illinois Northern District Court, jury trial has resumed and jury deliberations concluded. However, the jury failed to reach a unanimous verdict.
Jury was discharged. The Court has declared a mistrial.
This matter is set for a status hearing today, April 10, 2019.
On April 4, 2019, the Illinois Northern District Court granted Thakkar’s motion of acquittal on Count 1 of the Indictment – that is, Conspiracy to Commit Spoofing.
Thakkar, whose program was used for spoofing by London-based trader Navinder Sarao, was charged in an indictment filed in the Northern District of Illinois with one count of conspiracy to commit spoofing and two counts of spoofing. The indictment alleges that Thakkar and his co-conspirators developed and delivered a customized software program that was used by Thakkar’s co-conspirator to engage in spoofing, including in the market for E-Mini S&P 500 futures contracts (“E-Mini”) on the CME. The indictment further charges Thakkar with spoofing in the E-Mini market on or about February 25, 2013 and March 8, 2013.
Although Jitesh Thakkar has managed to get acquitted on Count 1, he still faces charges on Counts 2 and 3. Counts 2 and 3 were given to the jury only on aiding and abetting. The jury, as this week’s proceedings show, was unable to come to an unanimous decision.