After the United States faced one of the biggest stock market crashes in 2010, the mastermind behind the trillion-dollar loss was Britain's very own Navinder Singh Sarao, who became known as the "Flash Crash Trader."
Flash forward to nearly five years after the 2010 Flash Crash, and Sarao now faces 22 criminal counts of fraud and market manipulation by the U.S. Department of Justice.
The 37-year-old British financial trader faces accusations of helping trigger the multi-billion-dollar Wall Street "Flash Crash" that happened on May 6, 2010. He's now fighting extradition to the United States.
His charges are a long list of wire fraud, commodities fraud, market manipulation and "spoofing," which is a bidding practice that intends to cancel the bid before its execution.
These charges can carry sentences totalling up to 380 years in prison.
Sarao's lawyer, however, claims that he didn't break any laws. He believes that if the courts find Sarao guilty of a crime, many financial traders should also be considered criminals.
James Lewis QC, the lawyer representing Sarao, stated, "The key question for this court is whether the conduct of Mr. Sarao amounts to a crime in the UK." He added, "There's no English crime of 'spoofing.' To put it bluntly, if you uphold that as criminal activity in England, thousands of traders would be treated as criminals."
The infamous trader profited by $875,000 U.S. on the day of the crash, which made the Dow Jones Industrial Average plunge by a whopping 600 points in five minutes, clearing a billion pounds off the value of the U.S. shares.
Mark Summers QC, the legal representative for the U.S. government, told the courts that Sarao earned an additional $4 million U.S. in August 2011 and illegally profited by a total of $40 million U.S. over five years.
"The prosecution allegation is that the trade he engaged in is what is known as spoofing. Spoofing is market manipulation. It is dishonest trading," Summers told the court.
Photo Credit: The Wall Street Journal
Sarao, who suffers from Asperger's syndrome, sported dark grey and sat with his head bowed throughout the entire court hearing.
District Judge Quentin Purdy delayed the judgement of the case until March 23, leaving Sarao on specific bail conditions until his next court appearance.
Main Image Photo Credit: The Telegraph
Nicole Singh
Author
Nicole is a bilingual professional with a journalism background who adores everything to do with fashion, culture, and Bollywood. She always had a passion for writing since a young age and decided to follow that dream. She has a sense of working in the field through news publications writt...
COMMENTS
YOU MAY ALSO LIKE
-
Warm Up To The Fusion Delights Of Ushna in Dubai
-
Ask Dr. Monica Vermani: My Boyfriend Is Pressuring Me To Attend His Sister's Wedding But I Can't Afford It
-
IWD 2023: 11 Inspirational Quotes From Powerful South Asian Women
-
Ask Dr. Monica Vermani: Help! My In-Laws Are Giving Me The Cold Shoulder
-
7 South Asian Female Fitness Pros Who Will Level Up Your Workouts
-
Why Seattle’s Anti-Caste Law Is An Historic Power Move For Human Rights
-
Ask Dr. Monica Vermani: My Brother Doesn't Think My Aging Mom Should Stop Driving But I Do!
-
Zabardast Serves Up Delish Desi Delights
-
Ask Dr. Monica Vermani: Help! I Need To Move Out Of My Parents' House
-
We Tell You Why Now Is The Perfect Time To Invest
-
5 Ways To Build A Great Relationship With Yourself This Valentine's Day
-
Ask Dr. Monica Vermani: Help! I Can't Stop Shopping!
-
Ask Dr. Monica Vermani: I Can't Say No To People Without Feeling Guilty
-
Let’s Talk … About Your Relationship with You!
-
This Is Why Amsterdam In The Winter Is Simply Wonderful
-
Dear Dr. Monica Vermani Being Back In The Office Is Giving Me Anxiety
-
Indian Afternoon Tea At Bobby's In Leicester UK? Yes Please!
-
Dear Dr. Monica Vermani: Help! My Ex Tells His Friends His Cheating Is My Fault
-
Travel The World With Tamarind Modern Indian Bistro's Global Cuisine
-
Ask Dr. Monica Vermani: Winter Depresses Me, What Do I Do?
-
Ask Dr. Monica Vermani: How Do I Tell My Parents I Don't Want To Go To Business School?
-
Fabulous Holiday Gifts For Kids
-
Why 'Heroin Chic' Is A Dangerous Trend For South Asians
-
Highlights From The South Asian Literature And Arts Festival (SALA)
-
Ask Dr Monica Vermani: Her 5 Break Up Rules You Should Know
-
Roti Chai Is The Perfect Eatery To Hit Up While Christmas Shopping
-
I Loved Visiting This Quaint Town Of Bath
-
Indian Alley Brings Delhi's Iconic Roadside Eats To Camden Market
-
This Is Why Mauritius Is A Traveller's Dream
-
"Making Happy" By Sheetal Seth Is The Book Kids Need When Their Parent Is Sick
-
International Day Of The Girl: How Women Of The Sundarbans Are Saving Their Girls
-
The Murder Of Mahsa Amini: Will The Global Outcry Make A Difference?
-
South Asian Literature And Art Festival Is Bringing Together The Biggest Names In SA Lit And Here's Why You Need To Go
-
Canada's Most Powerful Women Were Celebrated At The Women Empowerment Awards 2022
-
It's All About The Home Cooked Veg Goodness At London's Ananda Bhavan
-
What Exactly Is A NFT And Why We Need To Stop Ignoring It
-
TIFF 2022: Checking Out The Fabulous Bask-It-Style Gift Lounge
-
Gopal’s Corner Blend Malaysian And Tamil Cuisine Creating An Unforgettable Bite
-
We Celebrate National Wildlife Day With Our 5 Fave Sanctuaries In India
-
Canary Wharf Heats Up Your Palate With Chai Ki
-
Ready To Find Your Match? You'll Need These 4 Desi Dating Apps In Your Life
-
Where Does Hinduism, Islam & Sikhism Stand In The Abortion Issue?
-
Never Forget: 12 Movies & Books To Help You Continue The Partition Conversation
-
From North To South London's Award-Winning Bayleaf Restaurant Elevates Indian Cuisine At Whetstone
-
Here's Why I Fell In Love With The Sea Views Of Southampton and Portsmouth
-
Shree Krishna Vada Pav In London Celebrates India's Iconic Veggie Dishes
-
The Pope’s Apology: A Closer Look At His “Pilgrimage Of Penance"
-
Want To Go To Marrakech? This Is What I Did
-
Virtual Pageants Celebrate Inclusivity & That's Why I Love Them
-
Here's How I Spent 48 Fabulous Hours In Lille, France
-
The Dishes At Central London's Mumbai Square Will Make You Want Seconds
-
4 Hot July 2022 Tech Gadgets That You Need Now!
-
10 South Asian LGBTQIA+ Leaders Who Are Using Their Platform To Break Barriers
-
Ganapati Peckham Brings South Indian Flavours To South London
-
Sanaa: This African/Indian Restaurant Is Disney's Best Kept Secret In Orlando
-
Travel: How I Got The Most Of My Weekend In Marbella, Spain
-
Pride Month 2022: This Glossary Will Teach You All The LGBTQIA+ Terms You Need To Know In 2022
-
Platinum Jubilee: How Relevant Is The Queen To South Asians?
-
Pride Month 2022: A List Of 20 Global Resources To Help You Support Your Journey With Your LGBTQIA+ Loved Ones
-
How To Let Go Of The Past And Create The Life You Want
