Yep, they really made it impossible for him to get out of jail....it's catch-22. I wonder why he can't have an associate or attorney in the islands extract the funds. Surely, they don't have EVERY ONE of his accounts frozen. Hopefully, he used a second name like a shell corporation for some of the offshore accounts. That's what I would have done. If he didn't do that or wasn't counseled to do that, then I wonder if Nav is all that smart or shrewd.
Lets use Sarao's method. I am not sure where to post this on ET. I think the US prosecutors are being insensitive in the same way they contributed to Aaron Schwatz's suicide for downloading MIT library material (probably legal). I think Sarao is pretty smart because he figured out a way to confuse HFT front running programs by modifying an off the shelf order/cancel program that allowed him to use his unusual concentration skills and very high mouse click rate skills to trade better than co-located algorithms. I think Sarao's skill comes from growing up "on the wrong side of the tracks." Namely, under the London Heathrow (LHR) flight path. For me, I am at the bottom end of the 10 second mouse click rate test. Still, I have been trying to put in lots of orders that I think don't lose money and then randomly (in my mind) cancelling. Also, using lots of short term targets that seemingly are never quite but almost reached in stocks. Idea is to trade totally irrationally in the human sense around what ones thinks are good orders, i.e. enter orders and targets and cancel and re-enter targets in an illogical manner with a lot of people doing this at slow human speed. Maybe we all need to do this until a fairer system for trading is established. There is some theoretical backgroind for this in Peter Naui's anti-formalism 2005 Turing Award lectiure.
How do you get someone a power of attorney to wire money out of a offshore account, especially if you are in jail ? Banks are usually not very keen on letting funds out, I don't see them making that easy. Also having the funds under a corporation is not necessarily enough to avoid the freeze, if Sarao has been identified as the beneficial holder.
Once again, if he was really smart, it would have been in the name of a relative, etc. In addition, how can the authorities search for his name ? Visit every bank n the Cayman's ?
I didn't claim they've identified all companies he is controlling, he might well have a bunch of millions stashed away. As of keeping the money in someone's else name, it is not without issues, trust beeing a major one, but not only. It sure looks like he's in a precarious position - I'm shocked at UK treating one of its own citizens that way in matter of overseas white collar crime
Agreed, but the reason is likely due to all of the evidence presented by the whistleblower....and of course, the millions of dollars involved....and finally the claims that his activity was "illegal". The whistleblower was key in taking Nav down. We'll likely never know who that person is.
i am hoping another whistle blower will step forward and whistle on the previous whistle blower. Leak leaker or grass grassing another grass.. We are entering exciting times.. soon Ecuador will use their whole gdp on converting their building into high rise hotel for cock blo.. oops sorry. Whistleblowers..
Careful....remember a whistleblower was required to take Bernie Madoff down.....the US government definitely could not do it.
Is he not the academic from Berkeley? It was in articles in the first days of his arrest... Perhaps Nav's money was not as merited as an other trader, but I prefer seeing it on his account than on the one of a F... Whistleblower.
Hard to tell if the academic [Terrence Hendershott] is the whistle blower or an investigator hired by the CFTC to follow a tip off. http://www.bloomberg.com/news/artic...hft-expert-buttresses-case-against-u-k-trader