Posted on 05/07/2015 1:36:40 AM PDT by WhiskeyX
A UK trader accused of contributing to the 2010 Wall Street "flash crash" has protested his innocence in court, saying he did not "do anything wrong".
Navinder Singh Sarao, 36, has been charged with wire fraud, commodities fraud and market manipulation by the US Justice Department (DOJ).
Mr Sarao denies the charges but was remanded in custody for the third time after failing to raise £5.05m in bail.
His lawyers' request that bail be lowered to £50,000 was refused.
(Excerpt) Read more at bbc.com ...
In terms of the fifty thousand people who conduct market manipulation each year.....he’s one of the ten who get caught.
Well, he did manage to trigger the collapse of the world’s stockmarkets which wiped out, at least temporarily, trillions of dollars of equity in the blink of an eye. I remember watching the market prices plunge in seconds.
The problem is a global exchange system that allowed such lightning fast microtrades to occur in the first place.
He didnt do anything wrong his accountant did it.
He gamed a gamed system... and the big boys don’t like having their gamed system exploited. That’s their job!
He was a spoofer. Your attitude toward spoofing will determine your attitude toward him, most likely,
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