He walked into the Ecuadorian embassy long after its problem with Sweden started, he showed up in court in London several times to fight his extradition to Sweden, not to US, and from memory he was most reluctant to go back to Sweden for fear of beeing extradited from sweden to US. There was no threat apparently of him beeing extradited from UK to US.
UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
But Ecuador is not on the list.
Nav made high six-figures which clearing Futex prop. He wrote a little spoofing script and he was off to the races. The issue at hand was the fact that he didn't use it all the time -- he reserved it for periods in which he felt the manip would be most effective. He had another algo which was intended to push the market further once he turn on his spoofer. Spoofing is like insider trading, but the audit-trail is massive.
He sealed his fate when he lied outright about the spoofer and stated he was a "point and click" trader. Right, trades being cancelled and new trailing limits being executed every 50-100ms.
Anyway, they have email of his in which he gloats about the spoofing and the CME correspondence as well. Worst of all is the washing of the cash and tax-avoidance. He owes $15MM on the tax alone.
He sealed his fate when he lied outright about the spoofer and stated he was a "point and click" trader. Right, trades being cancelled and new trailing limits being executed every 50-100ms.
Anyway, they have email of his in which he gloats about the spoofing and the CME correspondence as well. Worst of all is the washing of the cash and tax-avoidance. He owes $15MM on the tax alone.
Given that he is facing 380 years and that the juries in US have not been friendly to financial misconduct defendants, I am sure he can find ways around those minor inconveniences...
This will never see a jury trial.
Nice summary although I don't understand why you wrote it. Anyway, you are wrong on this:
He is not on trial for tax evasion. That would be a British jurisdiction offense. We already talked about this, the Brits could actually charge him and deny the extradition until he has a trial and finishes his sentence.
Now if I were him, I would go to China or Russia and look for a rich benefactor. After all his system still works, he just needs capital to play with...
He is not on trial for tax evasion. That would be a British jurisdiction offense. We already talked about this, the Brits could actually charge him and deny the extradition until he has a trial and finishes his sentence.
Now if I were him, I would go to China or Russia and look for a rich benefactor. After all his system still works, he just needs capital to play with...