Navinder Singh Sarao – U.S Authorities Recommend No Jail

0

Navinder Singh Sarao, the Hounslow trader blamed for helping cause the 2010 Flash Crash from his bedroom, shouldn’t get jail time, U.S. authorities said in a recommendation before his Jan. 28 sentencing in Chicago.

The government cited Sarao’s “extraordinary cooperation,” his autism diagnosis and the fact that he hadn’t spent most of the 45 million pounds ($58.5 million) that he made trading, according to recommendations filed with the court Tuesday. The Justice Department said a longer prison term for the U.K. citizen wouldn’t be a deterrent to other traders and would pose a serious risk to the 41-year-old’s mental health.

Navinder Singh Sarao has already spent 4 months in a London prison.

Sarao was arrested in 2015 for contributing to the so-called Flash Crash, when markets dropped 5% in a 5-minute period on May 6, 2010. He pleaded guilty to spoofing and wire fraud in November 2016 and since then has been assisting the government’s preparation of other cases

How did Navinder Singh crash the market – all explained here: 

Share.

About Author

Leave A Reply

error: Content is protected !!