Futures trader charged for manipulating stock market, contributing to 2010 'Flash Crash'
Source: MSNBC
A high-frequency futures trader has been charged with illegally manipulating the stock market, contributing to the May 2010 "flash crash," according to documents unsealed Tuesday.
The Justice Department charged the United Kingdom's Navinder Singh Sarao with wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of spoofing (which is when a trader places a bid or offer with the intent to cancel before execution).
Sarao was arrested Tuesday, the DOJ said. The charges were filing in a federal complaint in Illinois in February, but were unsealed today following the arrest.
SNIP
The complaint said that Sarao engaged in discussions with the CME about his trading activities, and suggested in a 210 email that he had "just called" the exchange "and told em to kiss my [a--]."
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Ikonoklast
(23,973 posts)Manipulation is rampant in commodities.
NCjack
(10,279 posts)underpants
(182,879 posts)Kelvin Mace
(17,469 posts)by Michael Lewis. If you are going to invest in any stocks, buy an index fund, or simply invest directly with companies offering "dividend re-investment" programs.
dixiegrrrrl
(60,010 posts)I read it thru and immediately read it again. There is so much to absorb in that book.
Kelvin Mace
(17,469 posts)i have seen of how the system is rigged by the super rich to steal from everyone else.