UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
It is a bit unclear to me if his legal troubles are over or not, but if so, they made a deal.
"He is expected to serve 78 to 97 months in jail and surrender nearly $13 million, according to the Telegraph."
He made $40 millions and if I recall correctly, invested 2 millions in some kind of gaming software. (so that money is gone) The ruling took away $38 millions, pretty much everything he had, but no jail, although this was just an order from the CFTC, enforced in a US District Court. So it is unclear to me if there are more criminal charges coming from the Court itself (with jail time), or this is the end of it.
But as I said, it sounds like a deal was made, so no trial and evidence, etc...
"He is expected to serve 78 to 97 months in jail and surrender nearly $13 million, according to the Telegraph."
He made $40 millions and if I recall correctly, invested 2 millions in some kind of gaming software. (so that money is gone) The ruling took away $38 millions, pretty much everything he had, but no jail, although this was just an order from the CFTC, enforced in a US District Court. So it is unclear to me if there are more criminal charges coming from the Court itself (with jail time), or this is the end of it.
But as I said, it sounds like a deal was made, so no trial and evidence, etc...
That's great news...at least Nav has some funding to continue to trade.
You are forgetting he will have to pay the government lawyers and other associated costs, I'd imagine he'll have close to nothing by the time this is over....
Of course....those cockroaches.....have to be paid.
And, of course, that was the plan all along....to make sure Nav couldn't trade again..,..
Looks like Nav got hosed!https://www.bloomberg.com/news/feat...sh-crash-trader-s-50-million-fortune-vanished
On an aside: This is real life folks! Don't mess with the Feds. They can fu** up your business & life before you finally get the chance to prove that it was a witch hunt. The real crime he committed was sticking the middle finger to the agents that asked him to cease what he was doing.
https://www.bloomberg.com/news/feat...sh-crash-trader-s-50-million-fortune-vanished
On an aside: This is real life folks! Don't mess with the Feds. They can fu** up your business & life before you finally get the chance to prove that it was a witch hunt. The real crime he committed was sticking the middle finger to the agents that asked him to cease what he was doing.
What a gullible fool.
Reminds me of Livermore, in his 1940 book he wrote that every penny he invested in businesses outside of trading he lost.
Well, looking at the bright side:
1. The money is better spent on sports cars by the Garzia guy then being taken away by the SEC.
2. Navao's lifestyle (beside the prison thingy) hasn't changed much between when he had money and now.
Apparently Navao's money would have been gone Fed charges or not...
1. The money is better spent on sports cars by the Garzia guy then being taken away by the SEC.
2. Navao's lifestyle (beside the prison thingy) hasn't changed much between when he had money and now.
Apparently Navao's money would have been gone Fed charges or not...