Reply to post: This case is a farce....

Flash crash trader takes plea bargain, cops to 'spoofing' and wire fraud

Anonymous Coward
Anonymous Coward

This case is a farce....

~ The markets... What a rogues playpen! I know traders who do this kind of thing everyday. Yet none has ever been indicted. They're American, have seats on the Merc and have been Wall Streeters for around 20+ years. So is that it?

~ This case stinks for so many reasons, it stinks of nationalism... Defend home-grown trader-terrorists and go after the overseas patsies living in their Mum's bedroom.

Compelling extracts from the beeb:

1. "Mr Sarao's barrister James Lewis has attacked those claims, pointing to a growing body of opinion in the City and in academia that he could not, as the FBI allege, have "materially contributed" to the flash crash of 2010."

2. "Instead it's alleged that the flash crash happened because of a giant sell order placed by a US hedge fund called Waddell & Read, a conclusion previously reached by the US regulator, the Commodities & Futures Trading Commission. "

3. "Under extradition arrangements with the US, the accused can only be extradited from England if what they are accused of is a crime under English law. There is no English crime of "spoofing."

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