'Flash crash' trader sentenced to time served plus a year of home confinement: lawyers

This post was originally published on this site

(Reuters) – A Chicago-based U.S. federal district court judge on Tuesday sentenced Navinder Sarao, a London-based trader accused of contributing to Wall Street’s 2010 “flash crash”, to time already served in jail of four months, with a year of home confinement, Sarao’s attorneys said in a statement.

Sarao’s attorneys at Dechert LLP said https://www.dechert.com/content/dechert/en/knowledge/news/2020/1/dechert-represents-london-based-trader-navinder-singh-sarao.html their client initially faced the possibility of more than 100 years of jail time for his role in the May 6, 2010, crash when the Dow Jones industrial average () briefly plunged over a 1,000 points, temporarily wiping out nearly $1 trillion in market value.

Sarao pleaded guilty in 2016 https://www.cnbc.com/2016/11/10/flash-crash-trader-pleads-guilty-to-spoofing-wire-fraud.html to wire fraud and “spoofing” for placing orders intended to affect prices — rather than trade — in the S&P 500 E-mini futures market.

U.S. District Court Judge Virginia Kendall on Tuesday sentenced Sarao to time served, his lawyers said. Sarao spent four months in a London prison in 2015 prior to being released on bail.

“(Sarao) is overjoyed to put this behind him, go home, and move on with his life,” said Dechert partner Roger Burlingame.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment