Seems like you are trying to connect dots that may not exist. There is nothing in that article that supports the notion that he was trading for others. It is possible, but they don't actually come out and say that anywhere. It is possible that Sarao was just trying to park money.
Thanks to the questions, I went a bit further to understand how this ponzi started to unfold http://www.nakedcapitalism.com/2015...criminal-enterprise-defamed-fund-manager.html
This is getting so complex (no surprise there !!) that I wonder that if it is not presented in a cogent fashion by that US attorney, it'll start to appear almost convoluted and contrived. No question Nav was using those other fund managers to "park" the money. But unless they can prove his actions were stealing, heck, it's his money.
No, it's Goldman and Citadel's money. That's why this travesty of justice is even allowed to occur. The most this guy should be charged with is a typical CME disciplinary action and that's it. Creating the flash crash is the biggest piece of shit lie created - and it depends on perfect scapegoat creation along with selling it to an ignorant and gullible public.
So all his attorney has to do then is prove there were others involved in the flash crash. This requires massive data mining of all trades, all orders on the day of the crash. I totally agree on the CME sanctions....Nav signed an agreement NOT to spoof, so he definitely should be fined for that....maybe $1 million. What the heck, that's chump change to him.
http://www.marketwatch.com/story/tr...ay-stock-market-to-net-100-million-2015-08-11 OK, What sentence are these guys going to get compared to NAV ?
I don't get the UK judge. First he said until they can prove Navao doesn't have funds anywhere in the world, the bail won't be reduced. "It emerged in the hearing that Sarao has funds of more than £30m, including £25.5m held in Switzerland and £5m in an escrow account controlled by his lawyers in the US." So it is obvious he does have funds around the world, nevertheless they drop the bail. Specially the money in Switzerland can be used later on. The country says the money is tied down until 2017, but hey, that is a nice amount to have for retirement. "the Swiss authorities cannot release the majority of funds until 2017 at the earliest, with the exception of £5m that will be transferred to the escrow account in October." I assume the US/UK still can't get that Swiss money without Sarao's authorization, but who knows, Switzerland isn't what it used to be. Anyhow, here is the real question: Let's say YOU ARE Sarao, what would you do?
The magistrate, Quentin Purdy, rejected Lewis’s request to delay the extradition hearing – scheduled for 24 and 25 September – but agreed to grant Sarao bail and limited access to the internet. Well, he's back on the Internet, which means he might be back on ET.