Feds Say UK-Based Market Spoofer Shouldn't Go To Prison

Law360 (January 14, 2020, 9:52 PM EST) -- Federal prosecutors told an Illinois federal judge Tuesday that a U.K.-based trader who admitted to spoofing the precious metals market shouldn’t go to prison, partly because of the “extraordinary help” he provided the U.S. government after pleading guilty.

Prosecutors said in a sentencing memorandum that U.S. District Judge Virginia Kendall should give trader Navinder Sarao a sentence of time served because his cooperation with the government began the moment he pled guilty to wire fraud and spoofing charges, and it culminated in him testifying at trial in a since-dropped case against Jitesh Thakkar, the owner of the company that created the software...

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