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

nooby_mcnoob said:
I read the dude made 70 million of which only(!) 13 was due to spoofing. Seems like a legit trading savant.
More...
He was an excellent trader from what I understand. The spoofing was just a side-hobby.....and his programming specifications were just so well done....he nailed it with the "layering" technique. It was so easy to trade with the spoofing algo active.....much easier than trading without.
All in all, the CME Group should come out of this with egg on their face....they could have stopped the spoofing programatically...but didn't.
 
Pekelo said:
He must have been in the US, because I don't think he was helping US authorities from London. Also there were sentencing scheduled for last Sept and later November, currently set for Jan. 28th:

https://www.justice.gov/criminal-vns/case/navinder-sarao/update

"Sarao was extradited to the United States on November 7, 2016."

https://www.justice.gov/criminal-vns/case/navinder-sarao
More...

He might have travelled back and forth, not sure, but he was allowed to go back to the UK a couple of years ago already
 

Attachments

  • Screenshot_20200115-221713_Samsung Internet.jpg
    Screenshot_20200115-221713_Samsung Internet.jpg
    548.7 KB · Views: 18
southall said:
Why if you are already up 50M+ do you then start cheating?

The only explanation is he lost the legit pre 2010 trading edge that he had.

Happened to a lot of prop traders back then.

His autism/savant powers gave him the ability to trade large size, and that is one of the most important skills for a trader, but i don't think he had any special market edge above the other prop traders around that time.
More...

Don't know.
 
nooby_mcnoob said:
Don't know.
More...
He didn't lose the edge....he just wanted it to be easier to trade....and he figured out a way to do just that.
It was brilliant really.....but went against exchange "rules". He was warned once or twice, but ignored them.
Let's hope he gets a suspended sentence on Jan 28th.....only 2 weeks away.
I'd love to see him write a book about the whole ordeal.
Title: "Conquering the Financial Futures Market....How I did it"
 
Last edited:
syswizard said:
He didn't lose the edge....he just wanted it to be easier to trade....and he figured out a way to do just that.
It was brilliant really.....but went against exchange "rules". He was warned once or twice, but ignored them.
Let's hope he gets a suspended sentence on Jan 28th.....only 2 weeks away.
I'd love to see him write a book about the whole ordeal.
Title: "Conquering the Financial Futures Market....How I did it"
More...

Yep, I read the PDF of the charges and it was super cool the way he thought of it.
 
athlonmank8 said:
He's a recluse with autism. I doubt it
More...

He originally was part of a firm and worked with a group of traders prior to developing his illegal plan to spoof the markets. Oddly, he was already a profitable trader prior to that plan to spoof the markets.

Also, there are blogs by people with autism although I don't know of any traders with autism that started a blog.

wrbtrader
 
You must log in or register to reply here.
Back
Top