Flash crash trader Navinder Singh Sarao loses US extradition case

[tar]

http://www.bloomberg.com/news/artic...inal-extradition-appeal-in-u-k-court-iu9q1src

 

[mike.]

Navinder Singh has just stood in front of a judge in Chicago, he has admitted manipulation of the stock market which lead towards the flash crash, the judge said he could face up to 30 years.....not good considering the HFT companies manipulate the market on a microsecond basis.

 

[tar]

Navinder Singh has just stood in front of a judge in Chicago, he has admitted manipulation of the stock market which lead towards the flash crash, the judge said he could face up to 30 years.....not good considering the HFT companies manipulate the market on a microsecond basis.

There's is no loophole in the markets , he made 40 million and he has to give them back ....

 

[sminicooper]

Of course, if he'd just quietly made a few tens of thousands on a regular basis no one would have noticed, cared, or been any much the wiser. No doubt there are some guys doing just that. It's the small-time, quiet, grey man that always stands the best chance of beating authority. Those susceptible to greed often let it get them in the end.

 

[f2calv]

Of course, if he'd just quietly made a few tens of thousands on a regular basis no one would have noticed, cared, or been any much the wiser. No doubt there are some guys doing just that. It's the small-time, quiet, grey man that always stands the best chance of beating authority. Those susceptible to greed often let it get them in the end.

He lived and traded from his parents home in Hounslow, hardly trappings of greed.
Seems clear for Nav it was always about the challenge not about the money.

 

[wisefoolx]

Outrageous, shows how we have become a pet dog to the USA, if Nav figured out a way to game the system legally then kudos to him !

 

[Quantt]

Unfortunately he is just the scapegoat and for sure he did not cause the flash crash... the suggestion is even more dangerous than the event itself...

 

[wisefoolx]

How is it a crime to ' spoof ' bids and offers, anyone can put out a B / O and then withdraw it if he wants, completely legal !

Ok for institutions to do it but not for individuals. Fixed markets as always.

 

[seekingTruth16]

How is it a crime to ' spoof ' bids and offers, anyone can put out a B / O and then withdraw it if he wants, completely legal !

Ok for institutions to do it but not for individuals. Fixed markets as always.

Under Dodd-Frank it is illegal. That doesn't mean if you accidentally put in an order and then cancel it you have committed a crime, but if you take an approach that continually posts orders withthe intent to cancel before being filled, then it is a crime. Not the easiest thing to prove intent, and I don't think he was the only one (and certainly not the cause of the crash), but it's wrong to say it is completely legal.

I feel sorry for the guy. Clearly a scapegoat.

 

[wisefoolx]

Under Dodd-Frank it is illegal. That doesn't mean if you accidentally put in an order and then cancel it you have committed a crime, but if you take an approach that continually posts orders withthe intent to cancel before being filled, then it is a crime. Not the easiest thing to prove intent, and I don't think he was the only one (and certainly not the cause of the crash), but it's wrong to say it is completely legal.

I feel sorry for the guy. Clearly a scapegoat.

I see and does this at least in theory apply to institutions?

 

[seekingTruth16]

I see and does this at least in theory apply to institutions?

In theory it does