Consultant to HFT firms. Will probably do well.
UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
Consultant to HFT firms. Will probably do well.
His choices were bleak. He did what almost everyone would do, chose the shortest sentence...
" confirming the process for placing liens on the property of his parents and brother in the U.K.The judge called Sarao’s father to make sure he understood that his home was being used to secure the $750,000 bond for release. "
That is nice. By the way he pleaded guilty to spoofing what has been illegal since 2010 and he was guilty of. Causing the flash crash (what is debatable) didn't come up.
http://www.bloomberg.com/news/artic...crash-trader-sarao-to-plead-guilty-in-chicago
Coscia, the first spoofer sentenced last year got half of what the prosecutor asked for (3 years). Spoofing has a max. sentence of 10 years anyway, but I guess if you throw in wire fraud and what not, it goes much higher...
That is nice. By the way he pleaded guilty to spoofing what has been illegal since 2010 and he was guilty of. Causing the flash crash (what is debatable) didn't come up.
http://www.bloomberg.com/news/artic...crash-trader-sarao-to-plead-guilty-in-chicago
Coscia, the first spoofer sentenced last year got half of what the prosecutor asked for (3 years). Spoofing has a max. sentence of 10 years anyway, but I guess if you throw in wire fraud and what not, it goes much higher...
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No jail time, may be because he has certainly learned to "cooperate" with the FBI.
In 2009, Sarao was still not a profitable trader, but alternated
between demo trading and live trading. 2009 is just one year before 2010.
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Sentencing in February.
If they've let him free, it must mean that as long as he does "what he is told", he won't be put in jail.
Now, what has he been told, stays a mistery.
Sarao did well to make sure he does not do any US jail. Well done.
Sarao behaved really stupidly when he was first confronted to regulators and his gains are certainly a bit "ill gotten", but it is still sad to see how the government can come and erase everything you have accomplished in your life. They will just take his money as if he had simply stole it to a grandmother whereas what he did was incredibly hard.