U.S. federal grand jury indicts London-based 'flash crash' trader | Reuters

WASHINGTON London-based day-trader Navinder Sarao has been formally indicted by a U.S.

hidden September 04, 2015 02:01:46 IST
U.S. federal grand jury indicts London-based 'flash crash' trader 
| Reuters

US federal grand jury indicts Londonbased flash crash trader 
 Reuters

WASHINGTON London-based day-trader Navinder Sarao has been formally indicted by a U.S. federal grand jury on charges of market manipulation that prosecutors say helped contribute to the 2010 "flash crash," according to a Sept. 2 court filing made public on Thursday.

The Justice Department first announced the filing of criminal charges against Sarao in April and is seeking to have him extradited to the United States to stand trial.

Sarao is accused of using an automated trading programme to "spoof" markets by generating large sell orders that pushed down prices. He then cancelled those trades and bought contracts at lower prices.

In August, Sarao was freed on bail from a British jail. He was granted bail in April shortly after his arrest, but was not able to pay it because U.S. authorities had frozen his assets.

He is also facing parallel civil charges by the U.S. Commodity Futures Trading Commission.

(Reporting by Sarah N. Lynch; Editing by Sandra Maler)

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

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Tunisia arrests suspects associated with beach hotel attacker
| Reuters
World

Tunisia arrests suspects associated with beach hotel attacker | Reuters

SOUSSE, Tunisia Tunisian authorities have arrested a group of suspects associated with the gunman who killed 39 people, mainly British tourists, in a beach hotel attack claimed by Islamic State, the interior minister said on Monday. British interior minister Theresa May, as well as French and German counterparts, visited the site of the attack near the Imperial Marhaba hotel in the resort town of Sousse, laying flowers on the beach. She promised Tunisia help in security, intelligence, police training and to help keep tourism alive.

IPhone sales, China boosts Apple; shares up modestly 
| Reuters
Fwire

IPhone sales, China boosts Apple; shares up modestly | Reuters

(Reuters) - Apple Inc ( AAPL.O ) beat Wall Street's revenue and profit forecasts on Monday on the back of surging iPhone sales, especially in China, but it gave no sales figures for its new Apple Watch. As investors had expected, the most valuable publicly traded U.S. company raised its dividend and boosted its share repurchase programme.

Nearly 600 rescued off northern Indonesia, thought to be Rohingyas
| Reuters
World

Nearly 600 rescued off northern Indonesia, thought to be Rohingyas | Reuters

BANDA ACEH, Indonesia Nearly 600 migrants thought to be Rohingya refugees were rescued from two wooden boats stranded off the coast of Indonesia's northern Aceh province, authorities said on Sunday.