UK trader arrested for May 2010 U.S. Stock market flash crash

Discussion in 'Wall St. News' started by just21, Apr 21, 2015.

  1. luisHK

    luisHK

    He walked into the Ecuadorian embassy long after its problem with Sweden started, he showed up in court in London several times to fight his extradition to Sweden, not to US, and from memory he was most reluctant to go back to Sweden for fear of beeing extradited from sweden to US. There was no threat apparently of him beeing extradited from UK to US.
     
    #551     Sep 29, 2015
  2. romik

    romik

    Was it because he was Australian?
     
    #552     Sep 29, 2015
  3. But Ecuador is not on the list.
     
    #553     Sep 29, 2015
  4. I think Nav's best bet is mainland China because they all love to trade there.
    He'd be a hero within a year there if he started to trade again.
     
    #554     Sep 29, 2015
  5. dealmaker

    dealmaker

  6. destriero

    destriero

    Nav made high six-figures which clearing Futex prop. He wrote a little spoofing script and he was off to the races. The issue at hand was the fact that he didn't use it all the time -- he reserved it for periods in which he felt the manip would be most effective. He had another algo which was intended to push the market further once he turn on his spoofer. Spoofing is like insider trading, but the audit-trail is massive.

    He sealed his fate when he lied outright about the spoofer and stated he was a "point and click" trader. Right, trades being cancelled and new trailing limits being executed every 50-100ms.

    Anyway, they have email of his in which he gloats about the spoofing and the CME correspondence as well. Worst of all is the washing of the cash and tax-avoidance. He owes $15MM on the tax alone.
     
    #556     Oct 2, 2015
  7. destriero

    destriero


    He has surrendered his passport and is wearing an ankle monitor.
     
    #557     Oct 2, 2015
  8. dealmaker

    dealmaker

    Given that he is facing 380 years and that the juries in US have not been friendly to financial misconduct defendants, I am sure he can find ways around those minor inconveniences...
     
    #558     Oct 2, 2015
  9. This will never see a jury trial.
     
    #559     Oct 2, 2015
  10. Pekelo

    Pekelo

    Nice summary although I don't understand why you wrote it. Anyway, you are wrong on this:

    He is not on trial for tax evasion. That would be a British jurisdiction offense. We already talked about this, the Brits could actually charge him and deny the extradition until he has a trial and finishes his sentence.

    Now if I were him, I would go to China or Russia and look for a rich benefactor. After all his system still works, he just needs capital to play with...
     
    #560     Oct 2, 2015