Why can't be make bail ?
Doesn't he just have to just post 10% of the 5 million pounds ?
UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
Doesn't he just have to just post 10% of the 5 million pounds ?
The problem is that a majority of pension funds are dumb investors. They are more concerned with hitting their return targets than complicated market stuff. These HFT and spoofing issues are on such a granular level in the market that it goes over most people's heads. Plus many pension funds outsource their investments to money managers (Vanguard, JP Morgan, Mellon etc..)
-Pension fund: give funds to investment manager and takes their word on what happens to the $$$
-Investment manager: either is not sophisticated enough to understand these issues or relies on their clearing broker's word that no one is being ripped off, either way they are going to tell their pension client that the market is sound
-Clearing Broker: will explain that no one is being ripped off b/c either they refuse to accept that it is happening, or have conflicting interests and won't actually acknowledge that it is going on.
As mentioned by other posters, the entire system is built on keeping the status quo and skimming $$ off of every step of the way.
I'm not familiar with bail amounts, but isn't 5 mio stratospheric?
Yes.....that amount usually reserved for child molesters, drug lords, mass murderers, etc.
Man, they really try to break down this kid. All part of the psychological game.
Or those with means and motive to flee justice, such as the spoofer.
In this case other measures could be applied as well, like an ankle bracelet. He's no threat to society.
Thats is supposedly the amount he has in his trading account.
Who knows how it is locked up. If his account is registered offshore, then other people might be controlling his empire for tax reasons. Shady offshore tax consultants.
Agree he's no threat, but he or his confederates can remove a bracelet in seconds, pay for a private plane or ship with pocket change and be up and gone in half an hour. How would you suggest zeroing out the flight risk of someone with enormous financial resources, such as he?
That's exactly what I recommend to him. This is a huge witch hunt, they are looking for a scapegoat and they are not going to quit until he's incarcerated AND gives up all his gains.
He's got enough to live comfortably for the rest of his life.
Good luck Nav !! Take off......now or never.