associate sponsors


'Flash crash' trader pleads guilty to spoofing, wire fraud | Reuters

CHICAGO A London-based trader pleaded guilty to wire fraud and spoofing on Wednesday after being extradited to the United States to face federal charges related to his role in the 2010 Wall Street "flash crash."    Navinder Sarao, 37, who traded on the Chicago Mercantile Exchange (CME) from his parents' home near London's Heathrow Airport, appeared in federal court in Chicago after losing a legal challenge to his extradition.Sarao agreed to pay the U.S. government $12.8 million, the amount prosecutors said he earned from illegal trading. He will be released on a $750,000 bond and will be allowed to return to the U.K. pending sentencing in the United States, U.S. judge Virginia Kendall said.

Sarao used an automated trading program to spoof markets by generating large sell orders that pushed down prices, and then cancelled the trades and bought contracts at lower prices.

(Reporting by Tom Polansek; Writing by Jo Winterbottom; Editing by Leslie Adler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Nov 10, 2016 04:30 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See