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'Flash crash' hearing told spoofing does not justify trader's extradition to US


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'Flash crash' hearing told spoofing does not justify trader's extradition to US

  #11 (permalink)
Pedro40
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xplorer View Post

The problem is, he was too small and with no connections, that's why they went after him

Also sending 100 complaining letters to the authorities didn't help him staying under the radar. And why was he complaining when the whole set up was helping him to spoof?

1.He did spoof and eventually they are going to get him for that.
2. He was not in position when the flash crash occurered. One could say he caused it by getting out of the market.
3. Proving intent will be fairly easy, he had emails telling to his programmer what he was trying to do.

I am guessing he will get 5-10 years with profits forfeited...

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  #12 (permalink)
 
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xplorer View Post
From The Guardian



So, if Sarao won on this basis, does that mean I can start spoofing the markets if I'm in the UK?

Views appreciated.


Full article here

Nope - I know a guy that got fined for spoofing FTSE futures.

Bottom line is I believe Navinder is a scapegoat and he does not deserve to rot in a US Jail.

But hey, if he does, I probably wont lose any sleep over it.

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  #13 (permalink)
 
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So here's the thing.

The CME is a private company. Let's say a private company lays down some rules and you don't abide.

Is that really a criminal offence? Or breach of contract? Is it not a civil case? I'd have thought at best it would be fraud - but that's a stretch...

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  #14 (permalink)
 
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 xplorer 
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DionysusToast View Post
So here's the thing.

The CME is a private company. Let's say a private company lays down some rules and you don't abide.

Is that really a criminal offence? Or breach of contract? Is it not a civil case? I'd have thought at best it would be fraud - but that's a stretch...

As I understand it, the CME sent him several emails asking to stop. It's the CFTC who enforced the spoofing thing and took him to court.

But you're right, the CME could not have a criminal case against him.

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Pedro40 View Post
Also sending 100 complaining letters to the authorities didn't help him staying under the radar.

But that's exactly why he was made a scapegoat, as @DionysusToast said. He complained, he is the little guy with no lobbyst to pay off congressmen, he was making money, he had to take the fall.

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Eric Hunsdaer on Nav Sarao






Hunsader says that Sarao stopped his algo at 1:40 and the Flash Crash began 2 minutes later.

Playing devil's advocate, couldn't a chain reaction have been already begun by the time his algo was switched off?

We're talking about just 2 minutes.

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