Navinder Singh Sarao, the British day trader accused of contributing to the 2010 Flash Crash by spoofing trades with a computer program, pleaded guilty to wire fraud and spoofing, making him the second person convicted of such market manipulation (United States v. Sarao, N.D. Ill., 1:15-cr-00075, hearing 11/9/16).
Sarao was accused of making $40 million spoofing CME Group Inc.’s stock futures market over five years, including on May 6, 2010, when a trading frenzy briefly wiped almost $1 trillion from the value of American equities.
Wreaking Havoc.
His case grabbed headlines around the world as people struggled to ...
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