Man trading from parents' house to be extradited to New York

Man trading from parents' house to be extradited to New York

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Original Poster:

13,251 posts

123 months

Wednesday 22nd April 2015
quotequote all
He is accused of triggering a $500b stock market crash from his parents' house in Hounslow.






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-us

http://www.dailymail.co.uk/news/article-3049633/Tr...


Liokault

2,837 posts

214 months

Wednesday 22nd April 2015
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Ok, but which actual law did he break?

Halb

53,012 posts

183 months

Sunday 26th April 2015
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Pissing off the Americans.

Axionknight

8,505 posts

135 months

Sunday 26th April 2015
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I wonder if he would have been extradited to the UK had the roles of nationality been reversed? Cos' y'know, special relationship n' all that.

MartG

20,666 posts

204 months

Monday 27th April 2015
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No mention of the value of his parents house ?

Beati Dogu

8,885 posts

139 months

Monday 27th April 2015
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Liokault said:
Ok, but which actual law did he break?
Not being a huge bank.

Mr Whippy

29,024 posts

241 months

Monday 27th April 2015
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hehe


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

anonymous-user

54 months

Monday 27th April 2015
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Liokault said:
Ok, but which actual law did he break?
According to the Washington Post the CFTC have filed a civil suit for manipulation, attempted manipulation, spoofing and wire fraud.

SkinnyPete

1,418 posts

149 months

Monday 27th April 2015
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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?

Mr Whippy

29,024 posts

241 months

Tuesday 28th April 2015
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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

sugerbear

4,025 posts

158 months

Tuesday 28th April 2015
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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?
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.

R11ysf

1,936 posts

182 months

Tuesday 28th April 2015
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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?