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Nainder Sarao sits in jail because he cannot raise the £5M bail that is required for his release. He has apparently made millions while living in his parents' basement, but doesn't have access to the money because his accounts have been frozen. What is claimed by US authorities is that "... Mr Sarao placed "spoof" trades in E-Mini S&P derivatives in a bid to push the market in his favour. The orders would be placed and withdrawn in rapid succession using a customised computer programme, they allege", which sounds a lot like high-frequency trading. Perhaps his real crime was to copy the techniques of wealthy high-speed traders?
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UK Citizen in Jail for Causing "Flash-Crash", or Just High-Frequency Trading?
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Your depth of comprehension may tend to make you lax in worldly ways.
(Score: 0) by Anonymous Coward on Sunday May 24 2015, @08:13PM
That post is agreeing with me. Sure it is a defense of Sarao by saying it is common place. But that is what I said. You have to get caught and enforcement is so underfunded that nobody even looks without some gynormous event.
If you think that post is actually a defense of spoofing, re-read the first line, "6 years after we warned about the dangers from predatory HFT including such parasitic "strategies" as spoofing..."