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

[Cdntrader]

2 interesting links, the first one is rather long:


But Mr Sarao appears to have missed the point of using anonymous offshore companies.

Our City genius decided to use a company title which included his own name and a description of what he was allegedly up to: “Nav Sarao Milking Markets Limited.” Brilliant."

lol seriously?? what an idiot.

 

[dealmaker]

Flash Crash and 1987 | Wall Street Week | Episode 6

 

[syswizard]

http://www.bloomberg.com/news/artic...-sarao-loses-extradition-case-in-london-court
Sadly Nav lost at his extradiction hearing.
But strangely, the UK Secretary has not yet signed off on it.
She had 2 months from the date of the hearing.
Has she had a change of heart ?

 

[just21]

UK trader in ‘flash crash’ probe appeals extradition
Navinder Singh Sarao, the British trader accused of contributing to the so-called stock market “flash crash” of 2010, has filed an appeal in the High Court against his extradition to the US to face charges of wire fraud and futures market manipulation.

https://next.ft.com/content/42a6acd6-9041-301f-a919-77bde437c571

 

[syswizard]

Thanks for that Just21 !!

 

[Visaria]

http://www.bloomberg.com/news/artic...-sarao-loses-extradition-case-in-london-court
Sadly Nav lost at his extradiction hearing.
But strangely, the UK Secretary has not yet signed off on it.
She had 2 months from the date of the hearing.
Has she had a change of heart ?

http://www.telegraph.co.uk/business...oves-extradition-of-flash-crash-trader-to-us/

She signed it off on 14th May.

Poor Nav is gonna be toast.

Hope u Yanks don't torture him.

 

[syswizard]

re: "Poor Nav is gonna be toast."
F-That. The US Feds have absolutely no chance of proving Nav's trading was a significant cause of the so-called "Flash Crash".
What a waste of expensive legal fees.

 

[Visaria]

The guy isn't white, so the assumption will be he is a terrorist funded by Iran obviously trying to destroy the stock market...he will be tortured and sent to gitmo.

I don't want it to happen but that is the reality when dealing with the US 'justice' system.

 

[banco]

re: "Poor Nav is gonna be toast."
F-That. The US Feds have absolutely no chance of proving Nav's trading was a significant cause of the so-called "Flash Crash".
What a waste of expensive legal fees.

The playbook for US prosecutors is to threaten you with 100 years in prison if you don't take a plea. If they offer him a plea bargain of say 3 years he'd be brave to roll the dice and risk ending up with 10+.

 

[Pekelo]

The link in post #634 is behind a paywall, so here it is the story:

http://www.telegraph.co.uk/business...oves-extradition-of-flash-crash-trader-to-us/

In short, Theresa May approved the extradition on May 14th and lawyers for Mr Sarao lodged an appeal to the High Court against the order on Thursday. The legal process enables anyone who loses an extradition appeal to bring their case to the High Court. Any decision can then be appealed further to the Supreme Court before any extradition happens.

So it is going to take a while...

"The appeals process means that extradition cases can drag on for years. In the case of Wikileaks founder Julian Assange, Westminster magistrates ruled in February 2011 that he should be extradited to Sweden where he faces allegations of sexual assault but his appeals process took 18 months before he finally lost in the Supreme Court.
In the case of Ian Norris, a former chief executive of engineering group Morgan Crucible, he was only extradited to the US in 2010 to face charges of obstructing justice after a seven year appeals battle."

http://www.ft.com/fastft/2016/05/26/uk-trader-in-flash-crash-probe-appeals-extradition/

The kicker:

"Since a new treaty was signed in 2003, the US only needs to allege reasonable suspicion of criminal activity, rather than prove the crime. "