I give him credit for figuring out how to cheat. He did it not for money, to him it was like playing video games and he rarely spent any of his profits. Was he aware it was illegal?
If he "figured out how to cheat", than that implies he knew it was illegal, because cheating is defined as "against the rules". Hence, not legal under the current ruleset.
Was he aware it was cheating when he "discovered" spoofing? After all he wasn't what we called a professional/institutional trader?
Yes, he was trying to report other spoofers first, that is why he recorded the screens. Then when he was in an email debate with the SEC they warned him. It has been illegal since 2010: "Under the 2010 Dodd-Frank Act spoofing is defined as "the illegal practice of bidding or offering with intent to cancel before execution."[1][9] Spoofing can be used with layering algorithms and front-running,[10] activities which are also illegal."
That guy was the 'fall guy'. ripoff operations like that don't go unnoticed like that. cased closed. you know what a I mean.
Exactly. The CFTC had to indict "someone"...why not Nav ? Of course, he pissed-off the CME to no end....LOL ! What Nav failed to realize is that these are powerful organizations. In the end, he really had an ego problem....he could have taken his millons and retired with many babes long before the investigations started. But he had to continue......
https://chatwithtraders.com/ep-194-liam-vaughan-flash-crash/ Nav complains about spoofing on well known trading forum. Does the book give more details? Nav got one year house arrest but we are all under house arrest!