UK trader arrested for May 2010 U.S. Stock market flash crash

Cdntrader said:
He had his chance to walk away.
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So true. Moncada case in December 2012 was ,I think, the first "spoofing" case. I had created a thread "spoofing becoming illegal" at the time. I am not sure for older manipulations, but anybody who continued after this date deserves to be prosecuted...
 
Gamer said:
1.Truly great traders
2.That's why you are not him, and he is not you.
3.And like any highly independent people,
4. to minimise the amount of tax
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1. Spoofing technically and legally speaking is cheating, so tell me again why was he a great trader?
2. And that's why he is in jail facing 10-15 years and I am not.
3. Independent? Apparently he was depending on his parents a lot.
4. His tax evasion is like an eunuch visiting a brothel. What was the point of saving more money, if he wasn't even using it?
 
Just because the guy made a lot of money does not mean he was a miser nor does it mean he felt the need to go splurge. It's his money and he can treat it the way he wants to. I also see no evidence of the fact that he was even depending on his parents other than occupying the same house as them. Get real, do you honestly believe he's going to sit there and ask them for money and the like with millions in the bank? Him living at home with the rest of the family is a cultural difference you just cannot identify with. Warping it to mean he's a no good bum who lives off the back of his parents is just simple minded non-critical thinking.

Face it - he doesn't fit the mold of what people's expectation of a successful trader is so they try to pigeon hole him into some kind of negative image.

I dislike spoofers but I dislike HFT front running parasites more. So if he's spoofing and making HFT less efficient its the lesser of two evils and I'm prepared to deal with that.

Would you prefer the markets have even more efficient HFT now? Fuck that.
 
You couldn’t make this stuff up! Every High Frequency outfit operates on similar principles don’t they?, If so they will have to charge a lot more of them if they proceed with this.


AND as he doesn’t work for a Wall Street firm and isn't a hedge fund boss ( A perfect scapegoat). What does it say about the integrity of USA Regulator if somebody with some basic software and programming skills can allegedly manipulate the US markets?

And it took 5 years, yes FIVE YEARS for them to catch up with him, even though (allegedly) he was doing this on a regular basis, unbelieveable..........
 
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I don't understand whether the orders placed by those spoofing or HFT guys are directional orders.

These directional orders should offset each other, naturally. That means their Net impact would be minimal.

Would someone clarify the above, please?
 
i960 said:
1. does not mean he was a miser nor does it mean he felt the need to go splurge.
2. It's his money and he can treat it the way he wants to.
3.he was even depending on his parents other than occupying the same house as them.
4. he's a no good bum who lives off the back of his parents is just simple minded non-critical thinking.
5.I dislike spoofers but I dislike HFT front running parasites more. So if he's spoofing and making HFT less efficient
6. Would you prefer the markets have even more efficient HFT now?
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1. Not wanting to pay for the rush hour train price and waiting for discounted sandwiches meant he is a miser. I am all for savings, but when you have 40 mill, pay the full price for the sandwich, will you??? He bought a not expensive jacket and when next day he had a loss, he took it back to the store...etc.etc.

2. Sure and it is the dictionary that defines who a miser is.... I will help you out:

noun
  1. a person who hoards wealth and spends as little money as possible.
3. He used the parents' beat up car, and his mother needed 2 jobs. Obviously had he helped out more with the finances.... do I need to spell it out?

4. AKA the facts...

5. I dislike burglars but I hate murderers even more. So if a murderer gets burglarized occasionally, all the better. Just following your logic...

6. Relevance? I didn't think so....But I take he was an HFT fighting Robin Hood, right?
 
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Say what you want about regulators and exchanges but ignoring them or being combative is only going to end badly. He made a poor decision to not stop/heavily modify what he was doing when he was contacted.

Perhaps his wealth made him feel above the regulators. For whatever reason he continued after he was told to stop.

As for people calling him a hero, pffft. What he was doing was illegal. Its a shame as he probably had the skill to be very profitable without the illegal spoofing.

A defence of 'everyone was doing it' is no defence. Thats a bit like someone being fined for speeding and saying they should not be fined as lots of people do it. Baseless.

I do feel sorry for the guy though and hope he gets a large fine and token custodial.
 
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