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Accused British 'Flash Crash' Stock Trader To Be Extradited To The US (zerohedge.com)
Slashdot reader whoever57 writes: Navinder Sarao has lost his appeal and is set to be extradited to the USA, where he faces charges with a possible maximum sentence of 380 years. He is accused of causing the "flash crash" in 2010, when the Dow Jones index dropped by 1000 points.
He ran his trading from his bedroom in his parents' house and it is claimed that he made more than 30 million pounds (approximately $40 million) in five years. His parents had no idea what he was doing, nor the scale of his income. He is accused of placing trades that he never intended to fill, so, to this naive person, it's hard to distinguish what he did from the large high-speed trading firms.
"Lawyers for Mr Sarao tried to argue that the U.S. crime of spoofing had no equivalent under English law, meaning he could not be sent for trial overseas," reports The Telegraph, adding that he's already spent four months in jail because he didn't have enough money to post his own bail.
He ran his trading from his bedroom in his parents' house and it is claimed that he made more than 30 million pounds (approximately $40 million) in five years. His parents had no idea what he was doing, nor the scale of his income. He is accused of placing trades that he never intended to fill, so, to this naive person, it's hard to distinguish what he did from the large high-speed trading firms.
"Lawyers for Mr Sarao tried to argue that the U.S. crime of spoofing had no equivalent under English law, meaning he could not be sent for trial overseas," reports The Telegraph, adding that he's already spent four months in jail because he didn't have enough money to post his own bail.
C'mon Musk, get that Mars train running so all you fuckwit Yanks can fuck off and leave the rest of us alone.
Agreed. I've seen too many stories of people that are stuck in jail for minor violations simply because they can't pay the bail costs. What's worse is for those people it often means they lose their jobs and can lose their possessions and home if they are kept in jail long enough even though they've never been tried. There's no way to support that behavior by our (USA) legal system.
My research is only coming up with a rule against financial spoofing encoded in law as of December 2010. In other words, he's being extradited for something that wasn't even a law until six months after he did the thing.
It's bollocks that we normies can't take advantage of features in the stock exchange because they might cause special snowflake trading programs to shit the bed.