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

running_bare said:
Whether a EBT is legal is a matter for the UK courts to decide, based on the individual circumstances of each case.
Certainly beyond the scope for the simple minds on ET
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Including you, I assume? :)

But since you are such an expert, why would the UK let the USA take away all Sarao's money, so at the end they can't get anything out of it? After all you said, all he has to do is pay up....

Once the US is done with him there won't be a cent left of the 40 mill, I promise you. And anyway, if a country has a legal claim against its citizen, why would they extradite that person before resolving that matter first???

Inquiring simple minds want to know!!!
 
Pekelo said:
Dude, seriously, you think I am an idiot? You prove yourself wrong....



So first you state that he broke the law, and then you state the UK won't prosecute him. Then in the eye of the law it doesn't matter if he is guilty or innocent. Acts count, not opinions...

Also you said:" they will take any US sentence into account"

Why the fuck would they do that? Completely different cases. One is tax evasion, the other is cheating against the SEC rules.

If you rape a person in country A and murder another in country B, the penalties aren't affected by these 2 separate jurisdiction and acts.... Logic man, you ain't....

Also why would the Brits care that he is charged in the USA? The UK tax office could get its hands on all those taxmoney and they just let it go????

Anyhow, I have put you on Ignore for good measure...

--------------------------------------------

Now an interesting topic would be if both authorities wanted the money, the UK for taxpayment and the US for paying whoever they think got wronged in the flash crash....
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Ur f*cking flat-out a micropcephalic toe toucher.

I stated that he was involved in massive tax-fraud. Taking losses exceeding profits to the tune of millions.

I was agreeing with the poster who stated that the UK may reduce any sentence based upon time served in the US.

I never stated that they would not prosecute. lol. I stated it was very likely that the UK would eventually prosecute for tax fraud.

This is not a violent crime, you twat. It's criminal fraud (criminal intent). Always subject to imprisonment. In this case, likely 12-15 years in the US.
 
The reality is he hasn't done anything wrong. He hasn't committed any tax fraud, merely used tax avoidance schemes which are legal in the UK.

I sincerely hope he has secretly stashed a few million in a bank account (or in a safe deposit box) in some country unfriendly to the US. I hope he is figuring out how to escape.

If he doesn't, he is screwed for ever.
 
I agree he should be punished for spoofing if he's going to be punished for anything. I disagree he should serve a 10+ year sentence or be blamed in any way for the flash crash.
 
In court of law making comparisons doesn't work. Proposed jail term is ridiculous I agree, how much time did Madoff get?
 
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So different authorities are interested in getting a payout from Sarao's case :) :) :)
- the SEC : as here they can collect 40 million plus ( and 10 times more if they manage to go up the "network" ) , and give 30% ( 10+millions) to the CME employees who basically explained to the SEC why Sarao was doing something illegal
- The IRS ( UK) : they must be now reviewing all the filings with EBT in it

Imagine if Sarao when asked to stop, when he had 30 million, just stopped.
But GREED got the best of him , or of whatever "network" he is/was involved with.

Imagine if Sarao when first caught, straight said " yes I spoofed" and I am willing to pay up anything you want now, so as to stop any further charges and investigation.
But ARROGANCE got the best of him, where he thought he
was smarter than FBI agents - who I am sure have added on their list. I hope that
whoever has been involved with Futex are buying one way flights to safe countries ( out of the reach of the USA/UK). Because I am sure
Sarao is just the "tip of the iceberg".

Obviously, he did not assess well who he was dealing with: seriously the FBI are the
police of the world. They even go and travel to "collect" whoever they want to deal with, and
Sarao still believed he was "smart" when he was clearly informed FBI.

Please put in here the dates of each law trials, as we will certainly book our flights for the show. Here it is starting to be boring ( too much "chanting", and too much "street actions"
and I don't want to buy new running shoes ). Aspiring for some more "civilized" law trials.
Please update on the where and when. Thanks in advance.

( the uniforms with hats are police/gendarm forces are becoming boring)

( undisciplined public is starting to become annoying)
 
Visaria said:
The reality is he hasn't done anything wrong. He hasn't committed any tax fraud, merely used tax avoidance schemes which are legal in the UK.

I sincerely hope he has secretly stashed a few million in a bank account (or in a safe deposit box) in some country unfriendly to the US. I hope he is figuring out how to escape.

If he doesn't, he is screwed for ever.
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Ur nuts. He made $16MM trading in 2012, but took a nearly $43MM/$27MM writeoff/net loss due to "administrative expense" as the sole director of the company. Comms and exchange fees are a sunk-cost and reflected in the net-revnumber ($16MM).

Administrative fees on what is essentially a pass-thru. A guy trading from his parent's house as sole-director of the corp.
 
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smallStops said:
Imagine if Sarao when asked to stop, when he had 30 million, just stopped.
But GREED got the best of him ....

Imagine if Sarao when first caught, straight said " yes I spoofed" and I am willing to pay up anything you want now, so as to stop any further charges and investigation.
But ARROGANCE got the best of him, where he thought he
was smarter than FBI agents
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No question about it and NAV was a shrewd operator, but his huge downfall was not seeking outside counsel after he pulled down the $30 million. I am sure any lawyer would have immediately told him to "stop it" or to surely face criminal charges. Part of the problem is that I am not sure that he would have listened to anyone.
 
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