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

The guy was a classic miser.

"A genuine miser is a man who collects money for the mere enjoyment of its possession, not for what it buys either in pleasure or power."

Thats probably the way he was born, or something happened in his early childhood to make him that way, best not to judge him.
 
Ghost_of_Blotto said:
There is a guy at a well known Chicago trading company who is a big producer in the same league as Nav. The NYMEX business conduct committee recently found that "while an employee of a NYMEX member firm" he violated Rule 432 by spoofing in the Crude Oil futures contract. The same conduct that Nav stands accused of.

This gentleman is still employed, has been fined $75k and given a 2 week suspension (vacation time?) from CME. The CFTC aren't making a Federal case out of it. He likely isn't going to face an indictment or jail.

What is the lesson here? Spoofing is discouraged but not criminal if you're an employee of a politically connected Chicago firm but is criminal and worthy of extradition if you're an Asian lad in London trading your own account?
More...
Yep, that's the bottom line here. But in all honesty, Nav was warned several times about the spoofing via algo.
 
Nav is coming from a not-so-wealthy family where the mom has IMO been working 2 cleaning jobs for ever and she is most likely happy with it. Perhaps his parents are proud and wouldn't even accept their son "to upgrade" their status ,especially since all his money came from dubious activity.

He wasn't a "miser", he just wanted to be the best trader but crossed the line to achieve it. Trading is a sport for lot of people not a way to get your next sport car. Who cares anyway?
 
"Flash Crash Trader E-Mails Show Spoofing Strategy, U.S. Says"

http://www.bloomberg.com/news/artic...ao-indicted-by-grand-jury-in-chicago-ie4n4s0s

Sarao really thought he could swindle FBI agents with some lies? :eek: :eek: :eek:
I hope for him he can "inform" them with hard facts on as many illegal activities as possible, because I can not see how else they are going to be appeased,
from a then multi-millionnaire who tried to put their professional competencies
in question.
 
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The story was on CNBC early this morning.
Interesting article....he had not one but two programmers involved.
I wonder what that "set-up" was from the second one.
 
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