Stories
Slash Boxes
Comments

SoylentNews is people

Accused British "Flash Crash" Trader to be Extradited to the US

posted by martyb on Sunday October 16 2016, @12:53PM   Printer-friendly
from the where-were-the-air-bags? dept.

Whoever writes:

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.

Original Submission

 
This discussion has been archived. No new comments can be posted.
Accused British "Flash Crash" Trader to be Extradited to the US | Log In/Create an Account | Top | 45 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (Score: 5, Informative) by Kilo110 on Sunday October 16 2016, @04:01PM

    by Kilo110 (2853) on Sunday October 16 2016, @04:01PM (#414878)

    Clearly he wasn't too big to fail.

    Had he done this in one of the big banks, he would've gotten a bonus.

    Starting Score:    1  point
    Moderation   +3  
       Informative=3, Total=3
    Extra 'Informative' Modifier   0  
    Karma-Bonus Modifier   +1  
    Total Score:   5