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

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

  1. southall

    southall

    I havent read the act, only going by the what i read on the internets:

    "spoofing.. is defined under the act as the illegal practice of bidding or offering with intent to cancel before execution."
     
    #801     Jan 17, 2020
  2. ZBZB

    ZBZB

  3. schizo

    schizo

    #803     Jan 28, 2020
  4. TraDaToR

    TraDaToR

    #804     Jan 28, 2020
  5. ZBZB

    ZBZB

    https://www.telegraph.co.uk/business/2020/01/28/hound-hounslow-sentenced-years-house-arrest/




    A British trader blamed for helping cause the 2010 Flash Crash from his bedroom has been sentenced by a judge in Chicago to one year of house arrest.

    Navinder Singh Sarao, 41, was arrested in 2015 for contributing to the volatility of May 6, 2010 when markets dropped 5pc in a five-minute period. He earned himself £45m through trading, but spent hardly any of it.

    “I was totally addicted to trading,” he told the court.

    “I made more money than I could ever have imagined and it didn’t make me happy. My guilt is heavy. I humbly ask your mercy and can assure you I will never do anything illegal again.”

    Sarao carried out his trades over five years, using an illegal market-technique called spoofing, and using a software programme he designed himself called the NAVTRader....
     
    #805     Jan 28, 2020
  6. ZBZB

    ZBZB

  7. Pekelo

    Pekelo

    OK, I must be stupid, but how can a US court enforce a house arrest in London? And anyway, how would they have any kind of jurisdiction? Unless the US and the UK courts made some kind of deal...

    I can get if they imprison him in the US, but a house arrest in a foreign land?

    "The sentence that was immediately thrown into doubt after lawyers said it would be unenforceable outside the US. A recess was called to discuss the situation and the judge was satisfied Sarao would only be allowed to leave the house in a handful of circumstances. “I’m not giving him leave to go to the gym,” said Judge Virginia Kendall of the northern district of Illinois."

    No gym for you! -- really, gym is the dangerous place for a nerd? So he wouldn't get into steroids I guess....
     
    #807     Jan 28, 2020
  8. How can someone be under house arrest in a nation state on another continent.....real simple deals get cut by the US Embassy with the UK Police. It all matters to those that seek retribution for whatever reason. Just ask Bezo's on what it cost to get the spotlight on the hacked phone issue. Any contributing actions to the perceived market instability during 2007 to 2010 will result in consequences at a future date. If you ever got a "I don't like you ticket", know what I am talking about. The solution is change your straw man and do something different the next time you try to pull a fast one.

    Akuma
     
    #808     Jan 28, 2020
    nooby_mcnoob likes this.
  9. #809     Jan 30, 2020
  10. themickey

    themickey

    #810     Jan 30, 2020