Picture of Nav leaving court. Bloomberg - Flash Crash Trader Sarao Released as He Fights Extradition http://bloom.bg/1Lan4D9
Atleast the guy looks healthy - albeit captured with some seriously weighted thoughts I'd imagine. Don't you guys get what's going on here? The CFTC/NFA/SEC/CME *need* a scapegoat for the flash crash that the public will actually buy into. If they cannot find a suitable patsy and the timeline of events is still mired in 10 different ambiguous potential causes then their perception is at risk as being not quite as competent as they should be. By railroading Sarao it gives them the opportunity to reclaim that lost compete by "proving" a significant "cause" of the flash crash. In addition, there's probably also a minor angle of regaining the trust of scared-since investors since that event. This is literally an example of a trader who just so *happened to be there* taking HFT candy money with point-and-click manual spoofing (which we all agree is not necessarily acceptable) but had stopped before the real action of the crash even started. It doesn't matter if he sent weekly letters to the CME telling them to piss off, his actions did *not directly cause* the flash crash. In fact, they didn't even significantly contribute to it. One can hate spoofing all they want, but if they have any sense of moral fairness, they should hate the travesty of justice that is the United States of America vs Navinder Singh Sarao case even more. You know what the equivalent of this actually is? He's the Edith O'Brien of May 6, 2010.
On what grounds does the US think they can take his money ? Damages due to the flash crash ? What are they going to do, give traders or investors their money back ? Nav needs his lawyer to get someone to prove he was not the only actor on that day of the flash crash....it's simple.
Gary Mckinnon had aspergers and he escaped extradition to the USA on human rights grounds. https://en.wikipedia.org/wiki/Gary_McKinnon
Interesting. There is one theme of questionning I keep having : Why do people fear so much the US Law Enforcement? I mean these are big men, who had bravado as per their history. What is it that some start "talking" , and most would do anything not to face the US Judicial System? They are not going through physical violence when going through a US Law Court: why do they fear it so much? Why do they lose their bravado when the US Law Court is concerned? Sarao is being given the chance to go and defend himself, prove his innocence in a LawCourt that I am sure will be full: I could even hint that more than 20% of Wall Street will be there, listening to the lawyers questions, the legal pro questions, the traders questions. Damn: why not man up, get into the ring like a man?
I bet you would be singing a different tune if it was you. Also, it is outrageously expensive. For example, Sergey Aleynikov legal bill from 2 trails was 7 mil. Not many can afford such sums. And without a strong legal counsel, do you really want to face the system? Your comments about "manning up" or "stepping into the ring" sound too childish.
Because it has apparently unlimited resources and time, not to mention it can reach you anywhere on Earth. Also, because of the dealmaking possibilities. If you sing, you might get 2/3rd of your sentence cut. And the penalties are much heavier than in other Western countries. The 3 guys who spoofed the London exchange got only fines, if that happened in the USA, they could have ended up with 5+ years (plus fines) depending on the DA's zealousness... People like their freedom, for some strange reasons...
The 3 London guys : I think straight from the start they recognised their shortcomings. Sarao did not recognize having done anything wrong - though he had the list of accusations. The 3 London guys admitted to spoofing. Sarao did not admit to spoofing. He said he changed his mind when trading. The 3 London guys : straight from the start collaborated with the Law Enforcement. Sarao did not: only after some "convincing methods" that Law Enforcement knows of, did he revealed some truth, such as his hidden bank accounts. The 3 others : we do not know what "arrangements" they might have made with the authorities Sarao : seems to be deeply linked in some ways with the ponzi scheme the fbi has been investigating for the last 5 years. The flash crash : I am still to understand how it fits in. May be Sarao tried to play it "smart" with Law Enforcement ( that had some fbi related agents), instead of understanding that these people do not want to waste their time, and they are trained in "lies detection". Had he fully collaborated from the start, I doubt he'd be fighting extradition : all would have stayed in the UK.
The 3 London guys: They spoofed the London exchange Sarao: spoofed the US exchanges Thus Sarao is screwed by the American government enacting American laws as compared to British government enacting British laws. That simple... Note to myself: before breaking the law, check the penalties for it in each jurisdictions. Don't kiss my wife on the beach in Saudi Arabia...
Pekelo: the actions are the same before getting caught. What is different is how the 3 acted after being caught compared to how Sarao behaved. Sarao, it seems, assumed that he could get away with some lies. The problem is for these Law Enforcement people "lies" are an angering signal. May be Sarao should reflect on the lies he told them, and then how they got him to tell the truth. From then to reflect on how much determined they'd be in getting him a full taste in trying to mislead these Law Enforcement people. I have seen, during some volunteering at Law Courts, people condemned for 20 years for the same act where others walked free. It is not really the act that determines if people walk free or not, it is how the accused acts after getting caught. No need to threaten others : I am sure your wife knows how to cheat on you without your knowledge when she so wish. Sorry to tell it like it is. Have good foundations in a relationship so that you do not need watching behind your backs : law of life.