• Wednesday, October 05, 2022

Business

‘Flash crash’ trader Navinder Sarao guilty of spoofing and wire fraud

Navinder Sarao faces a jail term in America

By: Eastern Eye Staff

A London-based trader last Wednesday (9) became the second person convicted of criminally spoofing US futures markets, after he pleaded guilty to federal charges that he contributed to Wall Street’s 2010 “flash crash” by using the manipulative trading practice. Navinder Sarao, 37, who traded on the Chicago Mercantile Exchange from his parents’ home near London’s Heathrow Airport, pleaded guilty to one count each of spoofing and wire fraud as part of an agreement with American prosecutors. Separately, the US Commodity Futures Trading Commission said it was seeking more than $38 million (£30.6m) in monetary sanctions from Sarao and a permanent…

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