Bigger India
Indian American founder of Chicago firm charged in ‘spoofing’ fraud
The Commodity Futures Trading Commission also filed a lawsuit in federal court in Chicago against Thakkar.
Jitesh Thakkar, the Indian American founder of Loop-based Edge Financial Technologies, was arrested in Illinois on Monday, Jan. 29 and charged with committing commodities fraud through so-called spoofing trades by federal authorities, according to a Chicago Tribune report.
The Chicago Tribune reports that in a criminal complaint, Thakkar, 41, of Naperville, Illinois, is accused of developing a software program that helped an unnamed commodities trader engage in “spoofing,” placing thousands of bids or offers on the E-mini S&P, a market on the Chicago Mercantile Exchange, with the intent of canceling the trades before they were executed but only after bids were placed on the other side of the market.