British man alleged to have broken Wall Street

Stefan Mileschin · 23rd April 2015, 14:06

A futures trader was arrested in the United Kingdom today on US wire fraud and commodities fraud and manipulation charges in connection with his alleged role in the May 2010 “Flash Crash”.

The US government claims that Navinder Singh Sarao, 36, of Hounslow caused the Dow Jones Industrial Average to plunge 600 points in five minutes using weaknesses in the computerised share buying process.

Needless to say the US is requesting his extradition after he was charged in a federal criminal complaint in the Northern District of Illinois on Feb. 11, 2015, with one count of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of “spoofing,” a practice of bidding or offering with the intent to cancel the bid or offer before execution.

Sarao allegedly used an automated trading program to manipulate the market for E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange.

http://www.techeye.net/business/brit...en-wall-street

23rd April 2015, 14:06	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,541	British man alleged to have broken Wall Street A futures trader was arrested in the United Kingdom today on US wire fraud and commodities fraud and manipulation charges in connection with his alleged role in the May 2010 “Flash Crash”. The US government claims that Navinder Singh Sarao, 36, of Hounslow caused the Dow Jones Industrial Average to plunge 600 points in five minutes using weaknesses in the computerised share buying process. Needless to say the US is requesting his extradition after he was charged in a federal criminal complaint in the Northern District of Illinois on Feb. 11, 2015, with one count of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of “spoofing,” a practice of bidding or offering with the intent to cancel the bid or offer before execution. Sarao allegedly used an automated trading program to manipulate the market for E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange. http://www.techeye.net/business/brit...en-wall-street

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