Man trading from parents' house to be extradited to New York
Discussion
He is accused of triggering a $500b stock market crash from his parents' house in Hounslow.
http://www.dailymail.co.uk/news/article-3049633/Tr...
guardian said:
A British financial trader has been granted bail on sureties of more than £5m after appearing in court accused of contributing to the 2010 Wall Street “flash crash” that wiped billions of dollars from the value of US shares in minutes.
Navinder Singh Sarao, 36, from Hounslow, west London, is accused of helping to trigger the stock market crash that sent the Dow Jones index down more than 5% in five minutes, five years ago.
He appeared at Westminster magistrates court on Wednesday morning after being arrested the night before, following a US Department of Justice request for his extradition to the US. He will remain in jail for at least one more night until the bail conditions can be met.
http://www.theguardian.com/business/2015/apr/22/flash-crash-case-uk-trader-to-fight-extradition-to-usNavinder Singh Sarao, 36, from Hounslow, west London, is accused of helping to trigger the stock market crash that sent the Dow Jones index down more than 5% in five minutes, five years ago.
He appeared at Westminster magistrates court on Wednesday morning after being arrested the night before, following a US Department of Justice request for his extradition to the US. He will remain in jail for at least one more night until the bail conditions can be met.
http://www.dailymail.co.uk/news/article-3049633/Tr...
Plus, look at the post crash surge. He clearly didn't make $500 billion on the rebound.
So either loads of people sold on the way down, and loads BTFD and rode the thing back up, or there was no trading going on and no value was actually lost, because it was all made back any way.
Net 'losses' through that crash are the costs of the trades only.
Dave
SkinnyPete said:
And are those crimes in England or just America? Also is there any proof or is it just a case of america being bigger than he is?
There is proof... the problem is if you look at it then you see it happens day in and day out by all the big financial businesses. You see that this guy is being singled out because he isn't singing the same tune as all the others.The markets are just a casino now, pumped by the owners of the exchanges and the home-players who get preferential treatment.
Institutional investors and MOPs etc are just the chumps that come in with their chips thinking there is a game to play and win at... but the house always wins.
The only way to win is to not play... or play along at their own game... if you're an outsider trying to make a quick quid playing the chumps in their own casino, then you get what this guy is getting!
All this case does is prove something is wrong with the entire system... and by extension, the banks, and by extension from this guy likely been taking from the UK to the USA by our governments, are governments are in on the stupid casino con too!
Dave
SkinnyPete said:
fblm said:
According to the Washington Post the CFTC have filed a civil suit for manipulation, attempted manipulation, spoofing and wire fraud.
And are those crimes in England or just America? Also is there any proof or is it just a case of america being bigger than he is?sugerbear said:
I think the US has clearly shown that if you are using any computer service that is hosted in the US then you are deemed to be operating in the US and so can expect to be extradited to face charges if you break any law in the US.
Not quite. He was trading on US Stock exchanges and as such would have singed up to their terms and conditions, which are in turn governed by the US regulators.Think of it the other way round, if some guy in France started pissing about with the FTSE wouldn't you want them prosecute-able in the UK?
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