UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
He's dirty, and left a paper trail proving it. If your point is, the laws and regs should be changed -- sure, that's a discussion. But this is a simple case of the most aggressive cheater winning, as in professional cycling. Not much to like or "feel for" about that.
A quick google reveals Spoofing was outlawed by Dodd Frank in July 2010.
So what he was doing on the day of the flash crash was not definitely illegal at the time?
you know the same about trading and cycling.. which is nothing.
P.S I am professional cyclist. and been trading since 2008.
Just to expand on it.. Most of the negative replies in this thread are made by what I call - The Rulling Mass of Mediocrity. The social artefact of past 10 years.
When internet and social medias and cheap smartphones brought the people who were nothing for thousands of years of human history together. They consicously or subconsciously organised into one enormous pack of jackals. That big that they now can influence the way the societies work.. The worst feature of it is that as any power the pack of morons is changing things to create most comfortable habitat for (surprise!) morons.. One of the effects of this is that anything extraordinary, anything what is above the average moron head - is being aggressively and effectively exterminated.. The morons are leveling everything they can hold of. They are ISIS of developed world. Everything whats unusual or wonderful or colourful is scaring them thus bringing aggression out, making them attack everything what is not midget-sized gray and stinky.
The western civilisation will be brought down not by Iranian nuclear warhead, not by muslim jihad and not by Russian weaponised circus bears but by very own western morons - children and grandchildren of morons..
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Do please enlighten me as to what I don't understand about trading. Also you might Google 'ad hominem' and learn why such arguments are worthless.
So a Lone Daytrader trading in his PJs in his homely house caused the crash.
And he's also a Colored dude, so that makes him even easier to vilify.
I feel like only Colored guys (south asians in particular) being targeted for securities violations:
Rajaratnam
Gupta
Martoma
Sarao
In the past 6 years since the crash, the government has brought high profile cases only against these four guys despite Thousands of instances of law breaking - very strange.
Another thing: I believe there is a statute of limitation of 5 years within which charges need to be brought. So they KNOWINGLY ALLOWED him to spoof for 4 years and 11 months and two weeks. Then they bring charges two weeks before the 5 year anniversary of the crash. They only had two weeks left to bring charges and a scapegoat was needed ASAP.
And he's also a Colored dude, so that makes him even easier to vilify.
I feel like only Colored guys (south asians in particular) being targeted for securities violations:
Rajaratnam
Gupta
Martoma
Sarao
In the past 6 years since the crash, the government has brought high profile cases only against these four guys despite Thousands of instances of law breaking - very strange.
Another thing: I believe there is a statute of limitation of 5 years within which charges need to be brought. So they KNOWINGLY ALLOWED him to spoof for 4 years and 11 months and two weeks. Then they bring charges two weeks before the 5 year anniversary of the crash. They only had two weeks left to bring charges and a scapegoat was needed ASAP.
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No reason to live a big player lifestyle if he's happy with what he has. I drive a shit car myself but could easily afford something flash. I don't because it's unnecessary.
As far as this guy - I dislike his market attitude and behavior but I heavily dislike how some other big player is pressuring the CFTC to make an example out of him.
The true thieves of the market are all registered institutionals.
Same is true in SF Bay area, some very successful Indians chose to live in Fremont or other heavily Indian communities, however this behavior is very common amongst first generation immigrants or later generations who are very closely tied to their culture IE its not Indian specific...
I do understand that he is a small fish but he told CFTC to go fuck themselves, can you imagine the repercussions if they did not go after him after a statement like that?
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