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okaawhatever

(9,462 posts) Tue Apr 21, 2015, 02:37 PM Apr 2015

Futures trader charged for manipulating stock market, contributing to 2010 'Flash Crash'

Source: MSNBC

A high-frequency futures trader has been charged with illegally manipulating the stock market, contributing to the May 2010 "flash crash," according to documents unsealed Tuesday.

The Justice Department charged the United Kingdom's Navinder Singh Sarao with wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of spoofing (which is when a trader places a bid or offer with the intent to cancel before execution).

Sarao was arrested Tuesday, the DOJ said. The charges were filing in a federal complaint in Illinois in February, but were unsealed today following the arrest.

SNIP

The complaint said that Sarao engaged in discussions with the CME about his trading activities, and suggested in a 210 email that he had "just called" the exchange "and told em to kiss my [a--]."

Continued at Link: (and worth reading)

Read more: http://www.cnbc.com/id/102573733

6 replies

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Highlight:

Futures trader charged for manipulating stock market, contributing to 2010 'Flash Crash' (Original Post) okaawhatever Apr 2015 OP

Commodity traders who aren't end users are useless leeches. Ikonoklast Apr 2015 #1

DOJ: Do the banksters. NCjack Apr 2015 #2

Was this the "fat fingers" crash? underpants Apr 2015 #3

I am in the middle of reading "Flash Boys" Kelvin Mace Apr 2015 #4

Flash Boys is an amazing read, isn't it? dixiegrrrrl Apr 2015 #5

It is the best example Kelvin Mace Apr 2015 #6

Ikonoklast

(23,973 posts)

1. Commodity traders who aren't end users are useless leeches.

Reply to okaawhatever (Original post)

Tue Apr 21, 2015, 02:55 PM

Apr 2015

Manipulation is rampant in commodities.

NCjack

(10,279 posts)

2. DOJ: Do the banksters.

Reply to okaawhatever (Original post)

Tue Apr 21, 2015, 03:14 PM

Apr 2015

underpants

(182,803 posts)

3. Was this the "fat fingers" crash?

Reply to okaawhatever (Original post)

Tue Apr 21, 2015, 03:25 PM

Apr 2015

Kelvin Mace

(17,469 posts)

4. I am in the middle of reading "Flash Boys"

Reply to okaawhatever (Original post)

Tue Apr 21, 2015, 04:52 PM

Apr 2015

by Michael Lewis. If you are going to invest in any stocks, buy an index fund, or simply invest directly with companies offering "dividend re-investment" programs.

dixiegrrrrl

(60,010 posts)

5. Flash Boys is an amazing read, isn't it?

Reply to Kelvin Mace (Reply #4)

Tue Apr 21, 2015, 05:32 PM

Apr 2015

I read it thru and immediately read it again. There is so much to absorb in that book.

Kelvin Mace

(17,469 posts)

6. It is the best example

Reply to dixiegrrrrl (Reply #5)

Tue Apr 21, 2015, 10:18 PM

Apr 2015

i have seen of how the system is rigged by the super rich to steal from everyone else.

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