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

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

  1. wow they ARE blaming him for the Flash Crash

    No mention of jail time though. Lucky.
     
    #691     Nov 18, 2016
  2. Pekelo

    Pekelo

    It is a bit unclear to me if his legal troubles are over or not, but if so, they made a deal.

    "He is expected to serve 78 to 97 months in jail and surrender nearly $13 million, according to the Telegraph."

    He made $40 millions and if I recall correctly, invested 2 millions in some kind of gaming software. (so that money is gone) The ruling took away $38 millions, pretty much everything he had, but no jail, although this was just an order from the CFTC, enforced in a US District Court. So it is unclear to me if there are more criminal charges coming from the Court itself (with jail time), or this is the end of it.

    But as I said, it sounds like a deal was made, so no trial and evidence, etc...
     
    #692     Nov 18, 2016
  3. That's great news...at least Nav has some funding to continue to trade.
     
    #693     Nov 19, 2016
  4. dealmaker

    dealmaker

    You are forgetting he will have to pay the government lawyers and other associated costs, I'd imagine he'll have close to nothing by the time this is over....
     
    #694     Nov 19, 2016
  5. Of course....those cockroaches.....have to be paid.
    And, of course, that was the plan all along....to make sure Nav couldn't trade again..,..
     
    #695     Nov 19, 2016
    i960 likes this.
  6. wpfund

    wpfund

    #696     Feb 10, 2017
  7. southall

    southall


    What a gullible fool.
    Reminds me of Livermore, in his 1940 book he wrote that every penny he invested in businesses outside of trading he lost.
     
    #697     Feb 10, 2017
    dealmaker likes this.
  8. bone

    bone

    Wow. Just amazing.
     
    #698     Feb 10, 2017
    TraDaToR likes this.
  9. idiot.
     
    #699     Feb 10, 2017
  10. Pekelo

    Pekelo

    Well, looking at the bright side:

    1. The money is better spent on sports cars by the Garzia guy then being taken away by the SEC.
    2. Navao's lifestyle (beside the prison thingy) hasn't changed much between when he had money and now.

    Apparently Navao's money would have been gone Fed charges or not...
     
    #700     Feb 10, 2017