Pretty common for Asian families to have multi-generational households. I don't know why people keep latching onto this, it's petty.
I would not be astonished if they were to make an example of Sarao. From the start he lied to the FBI agents , he stated clearly he did not do any spoofing. All on records. Sarao was not profitable at Futex in 2008/2009, as he was then put back on demo regularly. The question is : did he came into profitability when he started illegal trading? 2010 he was clearly spoofing big: when exactly did he start illegal trading? Had he, from the start, told all the truth - what most rogue traders do when caught- he would not be into these jail things. The UBS London trader went the "honest route" quickly got 2 years ( spent less time ) and can now leave his ordeal behind. Some others escaped jail ( Kiervel). When money is involved, lying to FBI agents is really asking them to gather teams of professionals ( here traders) to analyse all your trading transactions. why did he not upgrade his family's lifestyle with all these millions? no idea. I knew of a trader who was raking in millions, living with his single mum who was working very hard and long hours hand-to-mouth jobs, living in very "misery" council estates accomodations, and she never knew her own son was millions $ in profits. I was tempted to criticise, till I got a hint of their "family history", and I also understood why he felt justified to freeload as much as he could on her - even when being a multimillionnaire. Now for Sarao, it could be an "Asian" thing, but I doubt it. I would not be astonished if there was something else behind why he would not "spend a penny" of the millions. I hope he adds as many excellent lawyers as he can. If not, his only salvation way would be to work as an Fbi informant - even then, with his history of lieing they might turn him down. Also, who knows what he is really involved with : some were linking his 10 millions to offshore accounts , and Irish "businessmen" with mob ties. Ireland is well linked to the USA. May be he had no clues who he was involved with, may be the greed got the best of him. If things go the US court way, and he got jail time there, I hope the first thing he does when coming out is to get himself into the 10 days meditation retreat, then make at least a 2 years bouddhist retreat to shed off all these trauma he is accumulating in these prisons. Looking back, I wonder if he thinks it was worth it: all these trauma and he had not even enjoyed the profits ( even ill gotten).
Pretty common for Asian families to have multi-generational households. I don't know why people keep latching onto this, it's petty. ___________________________________________________________________________ I lived in predominately Asian places for the last 20 years. Asian parents would typically send their kids to the best colleges to make sure they will move out. In poor parts of Asia it may be common. Middle aged adults that own a home and have their elders move in is one thing - that is admirable. An adult man still living in his parents house is creepy/wimpy/weird. All animals cut ties to their young ones the minute they can take care of themselves, if they don't want to leave they get booted out. That is how it is done in nature - the natural order.
LOL @ gullible fools now on the side of Anti-Spoofing/CFTC The Anti Spoofing Act of 2015 is BS BEFORE HFT came about - and spoofing has always been around - if spoofing was so harmful to market participants why was it introduced so late - and not decades earlier?! LOL Why wasn't it introduced DECADES earlier - and not until 2015 - if it was so "harmful" ?!? Anti Spoofing Act was introduced only in 2015 - b/c of lobbying from HFT firms. Because spoofing only 'harms' those trading in the very short time frames: HFT firms & naive human scalpers (many on ET) No big bad spoofing has ever scared a real fund wanting to do size in ES (eg 1000's lots) Sarao was putting his money at risk. His bids or offers could have been hit Instead of crying foul & having laws to suit them (moving the goalposts) - HFT firms should be asking themselves why haven't they "evolved" to beat human spoofers?!
I 'd agree that spoofing should not be criminalized. That would mean people would not rely on the depth of the market, and may be more on actual trades made. Kiervel views were at odds with the banks views and the regulators views. From the start he told the truth, presented his views on why he did what he did, and he has been kept free. Now, Sarao : why did he lie? Did he think he was smarter than FBI agents? why did he not stop his illegal activities when asked so by the Americans? why did he insist in continuing his behaviour when he was clearly already under the radar? What was he expecting? that the Americans will just tell him to stop his illegal activities and let him continue and do nothing about it ? why couldn't he stop his illegal activities when asked so by the Americans? Why did he felt he had total impunity to continue even when asked to stop his illegal trading?
In the end, Sarao's aspieness (aspergers/autism in missing vital social cues) did him in Even after warning signs from CFTC when officials corresponded with him & came to see him, he still didn't get the message All he had to do was wait a few more weeks for the 6 years for the Statute of Limitations to lapse (lawyers can correct me on this) Someone with USD 10's of millions, liquid (if not less) should always have a 2nd passport for ass(et) protection. Never know when SHTF, not least when he was forewarned.. All he had to do was lay low elsewhere from his trading account address (ie parents address). Stay off the radar. Have nothing linking your name to an address where you are physically located. Live quietly in a rented apartment, get your mail elsewhere. Ideally stay in a jurisdiction with no extradition treaty with USA eg. China, Russia... Some of you aspie idiots beating the dead horse still don't get it Sarao was aspie (aspergers/autistic). Aspies miss many social cues that "normal" people wouldn't miss eg warnings from CTFC. It simply doesn't register with them. This answers what you & others have posted about his 'abnormal' behavior. Like most aspie obsessives, they like a set routine with the usual creature comforts in familiar surroundings - which living with his parents would provide O he also doesn't drive - the horror of an adult not being able to drive!
it doesnt matter if we think spoofing is ok or not , what matters now is that the US had it hands on his +20 million pounds and he is left with nearly nothing plus he may go to jail . Thats not trading that's stupidity .
Someone with autism/asper syndrome, he should not be in a jail - including a UK jail. That is not his place. he should be now in a mental institution. His spending time in jail is scandalous.
Actually what one should do is : own nothing but control everything. Live on " borrowed money", even when your assets well exceeds your debts. And better show up as holding a steady job, any steady honest job will do. This even if one has a high absenteism rate, but the key is to be able to prove one has a steady job. The advice is different when learning to trade : trade full-time, put in the 100hrs/wekk, clock in your 10 000hrs. No jobs outside trading. Eliminate all distractions. The less distractions, the quicker one gets there.