Not only that, but Nav complained to SEC or CME about spoofing (one of the two) and they did nothing. So he figured, might as well fucking do it!
Well that explains it all. I suspect it was the CME who blew him off. The SEC would have nothing to do with this..maybe the CFTC.
Why ? He's just a dumb programmer who followed Nav's orders and direction. Nav was the architect of the layering technique that was so effective. It was brilliant.
The riveting story of a trading prodigy who amassed $70 million from his childhood bedroom--until the government accused him of helping trigger an unprecedented market collapse *Soon to be a feature film starring Dev Patel* On May 6, 2010, financial markets around the world tumbled simultaneously and without warning. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed? Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders. A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.
Will they spice it up a bit with any drugs and hookers? Like wolf of wallstreet. The Hound trading from his childhood bedroom in hounslow in his boxers isnt going to be very exciting.
I wonder how much Navinder got for the book and/or movie deal if he was allowed to get anything? I also wonder what country's law would apply?
The 1999 film, rouge trader about Nick Leeson and Barings flopped badly at the box office. That would have been more well known and interesting to most people than the Hound story. Us traders will be interested in Navs story but will anyone else?