Navinder Sarao has lost his appeal and is set to be extradited to the USA, where he faces charges with a possible maximum sentence of 380 years. He is accused of causing the "flash crash" in 2010, when the Dow Jones index dropped by 1000 points. He ran his trading from his bedroom in his parents' house and it is claimed that he made more than £30M (approximately $40M) in 5 years. His parents had no idea what he was doing, nor the scale of his income. He is accused of placing trades that he never intended to fill, so, to this naive person, it's hard to distinguish what he did from that of the large high-speed trading firms.
(Score: 0) by Anonymous Coward on Sunday October 16 2016, @05:48PM
Thank you, I ahad this same discussion with a friend, but he's of the libertarian bent that sees nothing wrong with a LOT of human activity. In general I don't like the stock market because it functions as a very high level casino, but there isn't much of a way around it if you want to have such an open investment scheme. HFT is just the crazy extension of the gambling problem and should be done away with.