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

Pekelo said:
Page 208:

This dumbass recorded himself while committing the crime. Originally he set up the camera to prove later on that others are spoofing, then it came back eventually and bit him in the ass.

"like a robber who takes selfies outside the bank he has just robbed and leaving them on his phone."
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He was fearless dumbass, he even told the CME (or some other official body) to kiss his ass.
 
Pekelo said:
Page 208:

This dumbass recorded himself while committing the crime. Originally he set up the camera to prove later on that others are spoofing, then it came back eventually and bit him in the ass.

"like a robber who takes selfies outside the bank he has just robbed and leaving them on his phone."

Holy fuck, the autism!!! I think the DOJ finally let him off because they thought, you are such a big moron, we are not going to hurt you, you have done it already and will do it again.
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I give him credit for figuring out how to cheat. He did it not for money, to him it was like playing video games and he rarely spent any of his profits.

Was he aware it was illegal?
 
ironchef said:
I give him credit for figuring out how to cheat. He did it not for money, to him it was like playing video games and he rarely spent any of his profits.

Was he aware it was illegal?
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If he "figured out how to cheat", than that implies he knew it was illegal, because cheating is defined as "against the rules". Hence, not legal under the current ruleset.
 
Overnight said:
If he "figured out how to cheat", than that implies he knew it was illegal, because cheating is defined as "against the rules". Hence, not legal under the current ruleset.
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Was he aware it was cheating when he "discovered" spoofing? After all he wasn't what we called a professional/institutional trader?
 
ironchef said:
Was he aware it was cheating when he "discovered" spoofing? After all he wasn't what we called a professional/institutional trader?
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I'm not a professional/institutional trader, and I know what spoofing is. I RTFM before I started.
 
ironchef said:
Was he aware it was illegal?
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Yes, he was trying to report other spoofers first, that is why he recorded the screens. Then when he was in an email debate with the SEC they warned him.

It has been illegal since 2010:

"Under the 2010 Dodd-Frank Act spoofing is defined as "the illegal practice of bidding or offering with intent to cancel before execution."[1][9] Spoofing can be used with layering algorithms and front-running,[10] activities which are also illegal."
 
high-performance said:
That guy was the 'fall guy'.
you know what a I mean.
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Exactly. The CFTC had to indict "someone"...why not Nav ? Of course, he pissed-off the CME to no end....LOL !
What Nav failed to realize is that these are powerful organizations.
In the end, he really had an ego problem....he could have taken his millons and retired with many babes long before the investigations started. But he had to continue......
 
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