Wednesday, 22 April 2015

British trader arrested and charged with helping cause 2010 'Flash Crash'

A United Kingdom trader has been arrested and will remain in custody, pending extradition to the U.S. to face criminal and civil charges that include wire fraud, commodities fraud, attempted manipulation and spoofing.

From USA Today –

“Alleged market manipulation by a London-based high-frequency trader helped cause the 2010 "Flash Crash" that roiled financial exchanges and severely tested investors' confidence, U.S. authorities said Tuesday.

Navinder Singh Sarao, 37, and his company, Nav Sarao Futures Limited PLC, used computer software to manipulate Standard & Poor's futures contracts through a practice known as "spoofing," according to the Commodity Futures Trading Commission and the Department of Justice.”

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