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Behold The Patsy: First Photograph Emerges Of The "Criminal Mastermind" Reponsible For The Flash Crash
Wall Street has found a new, unwitting source of humor: the CFTC.
The reason, of course, is that according to the "regulator" the gullible investing public is expected to believe that one single person, operating out of a non-collocated, latency fortress in Hounslow (despite allegedly making $40 million over 5 years from spoofing)...
... is responsible for the May 2010 flash crash.
The implication being that the perpetrator has been caught and now confidence in broken markets can be restored, however what the CFTC has in effect done is further undermine faith in a market, which apparently is so defenseless it has absolutely no countermeasures to the simplest of predatory trading strategies, namely spoofing: spoofing which takes place millions of times every single day across all global markets (as we showed back in 2013 in Watch The Banned HFT Spoofing Algo In Action).
The CFTC's inadvertent humor, however, is no laughing matter to the person implicated in the latest despeate attempt to scapegoat a non-US institution for the flash crash (just ahead of the statue of limitations running out no less): not only is Navinder Singh Sarao, a British national, facing decades in prison in the worst case as reported earlier, but moments ago he had to pay a massive 5 million pound bail to stay out of jail for the duration of his case: an amount that is usually reserved for Class A felons, those who have caused grievous bodily injury and suffering, or worse, instead of merely a BTFD opportunity.
Curiously, there have been precious few actual glimpses of the infamous flash crash mastermind who has seemingly kept a very low public profile, but moments ago the first sketch emerged of him during his court appearance.
As the NYT reports, "appearing in court in London dressed in a canary yellow sweatshirt and white track suit pants, the trader, Navinder Singh Sarao, a British national, sat behind a glass wall looking dazed by the proceedings around him." We, too would be dazed by the stupidity of the CFTC, if faced with the same ridiculous charge.
His defense lawyer, Joel Smith, said that the arrest had come as a “bolt out of the blue” and that he had struggled to connect with any of his client’s family or friends. He eventually contacted Mr. Sarao’s father, but said he could not deduce much from the patchy conversation. Mr. Sarao lives with his parents and down the road from his brother. He was born and educated in Britain and attended Brunel University London.
The NYT also adds that "Mr. Sarao appeared to lack the bravado woven through the criminal complaint. At one point, Mr. Sarao told his broker that when the Chicago Mercantile Exchange contacted him to inquire into his suspicious orders, he told them to “kiss my ass.” He is alleged to have made $40 million in profits."
This is the sketch:
And moments ago, the Telegraph ran the first actual photo of the "criminal mastermind."
More from the Telegraph:
A former school friend, who asked not to be named told The Telegraph: "Navinder was really bright and was in the top set for all his subjects. He was a bit of a cheeky chap but was popular.
"He was a bit of a geek but was funny also. He studied Maths and Science at A'Level. He was a bit of a prankster but never got caught."
In his school year book his teacher wrote that he was still late almost every day.
Mr Sarao is the youngest of three sons. Raj, the oldest, lives with his wife and two children opposite his parents.
Anil Puri, 41, who works in web design, grew up round the corner from Navinder and went to primary school with him and his brothers. He said "We used to play football, badminton and athletics in the street when we were young. There were no computers in those days.
"He (Navinder) was very bright, a loud, chirpy chap, a friendly guy. He was the youngest of the three but he was the most confident. His nickname was Brooks but I can't remember where that came from. "He was definitely an ambitious guy, definitely clued up, street wise."
Mahmood Atif, 36, who lives down the road from Mr Sarao's parents said: "They are a nice family. The family will be upset. It's a shock." Brinder Bedi, 39, another schoolfriend, said: "They were very close, all the boys. They all used to wear their football gear. Nav was sporty, he seemed to be a normal kid."
A man believed to be Mr Sarao's 67-year-old father Nachhattar Singh Sarao, arrived in a cab at the family home wearing a Nike baseball cap and sunglasses. He would only say: "This is private property. Get out."
So with the Sarao "flash crash" mystery solved, we eagerly look forward to the CFTC exposing the daytrading teenager operating out of a hut in Thailand who was responsible for the October 15, 2014 Treasury flash crash, followed promptly by the Russian grandma in Vladivostok whose trigger happy FXat finger resulted to the US Dollar flash crash from March 18.
Because clearly without "confidence" that the market is fixed, no self-respecting retail investor will buy everything that hedge funds, prop desks, and ultimately central banks are so desperate to sell at these all time high prices.
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Must... find... patsy..
THAT'S THE GUY!
GET EM! GET EM!!
Next we'll be told he was working for ISIS or Putin.
Turn it up to 11
He failed to IPO like VIRTU! Get him!
Another Indian fall-guy... Let this be another lesson to all you Indians. The Western system is not your friend. Defect now while you still have a chance. Be a whistle-blower instead of a fall-guy.
not sure how true this is, but i hear he graduated from sandy hook elementary...
Well he looks guilty as fuck. I mean, he isn't white, and he doesn't have White House cufflinks. hang 'im...
Excerpt from the criminal complaint: http://www.justice.gov/sites/default/files/opa/press-releases/attachment...
Via an email I have reviewed dated March 23, 2010, the CME
contacted SARAO's FCM to alert them that SARAO "just had 1613 'This order is not
in the book' reject messages in the last 5 minutes." (Based on my review of the
emails and my participation in this investigation, I believe that these rejection
messages were issued when a trader sought to fill one of SARAO's orders, only to
find that the order had already been canceled.) A member of the FCM's compliance
department looked into the issue and reported by email to another employee of the
FCM that he could "see that [SARAO]'s using [Automated Trading Program #1]"
and that "[i]t looks like he's deleting a huge amount of orders a second which seems
to be the root cause of the issue." Another representative of the FCM forwarded
this email correspondence to SARAO, informing him that the CME had contacted
the FCM about his cancellation of a "huge amount of orders from the order book,''
and that such conduct was "not allowed." On March 31, 2010, SARAO responded by
email, writing to the FCM and CME representatives that he would "like to apologise
for any inconvenience caused by this." SARAO claimed that he "was just showing a
friend of mine what occurs on the bid side of the market almost 24 hours a day, by
the high frequency geeks,'' and questioned whether the CME's action in responding
to his conduct meant that "the mass manipulation of the high frequency nerds is
going to end." Referring to another trader, SARAO further asked, "I see he
continues to do this all day every day, yet you have a problem when I showed
someone it for 5 mins?"
.Bankers. Load your zip drives with damming info, cause your next. Leverage is what you need and the only language these Overlords understand. Course they may just "suicide" you.
The complaint is a fascinating read, which clearly shows lead investigator DOJ Fraud Section Assistant Chief Brent S. Wible does not have the knowledge or experience to understand the shear scope of HFT's.
Mr. Wible's bio is here:
https://www.linkedin.com/pub/brent-wible/93/3b9/47a
Undergrad History major, Yale Law and Peace Corp volunteer and Fraud Investigator for less than one year.
So... the scapegoat circle is complete?
So the Indian guy gets slammed cause he caused JPM and GS to lose money on 1 trading day.
Put a beanie on Nav and save yourself. Come up with some story how you dyed your skin brown to avoid all the Anti-Semites running rampant.
pods
No, this allows goldman and jpm to continue using HFT with impunity. The "bad" guy was a ferner with brown skin. Not the noble banksters doing god's work to keep us all in iphones and pink slime burgers.
No banker will ever be stopped, no matter how egregious their crime. At the most they'll single out a foreign bank and slap them with a tiny fine.
The dude got digital game. Well played.
"Lead investigator does not have the knowledge or experience to understand the shear scope of HFTs."
But that's the only hope left. Any regulator who has had their head up their ass for the past 7 years isn't going to do anything as it will prove their incompetence and complacency, whether due to laziness, ignorance, wilfull blindness, expectation of a promotion to a Wall Street career or just cutting their industry buddies a break, all in the name of self-regulation.
What can happen is some young inexperienced but ethical and not yet corrupted investigator looks at this activity and calls it what it is: Spoofing, which has always been illegal and prosecuted.
Either he makes a difference and the bankers start jumping off rooftops, or he gets demoted because he "doesn't understand the way markets work". Or he get nailgunned or shitgummed.
Interestingly he's got a link to Texas and Yale..........must be a skull and bones member to have moved up the beanpole that fast.
.
.
.
that's called a spasm
Got a twitch?
Funny thing, Indians are technically "white".
Comment of the day
Indians are the new black(s).
They should really just stay on the reservation.
I expect a PC response to include the ETRADE Baby as the ringleader...
"Be a whistle-blower instead of a fall-guy"
Not a wise choice these days, Obama brought Chicago politics national and the one thing you learn fast is that turning states evidence will get you 40 grains of lead or 40 pounds of cement over shoes. But on a national level you get 40 years in a federal lockup for blowing a whistle on corruption.
Best to dummy up and allow the storm to pass, the family doesnt deserve to be ran through the ringer and bankrupted, it will all be brought to light soon and the chances of the DC criminal class getting a pass will be slim to none, the question is will there be mob justice or will we maintain a civil system of extracting justice.
In a better time this guy would be used by the prosecutor to chew through to the top criminal but now this guy is just the firewall.
The trick to winning is to live long enough with enough resources to be able to make a difference when the time comes for action, just like investing. Move too early, and you are out of the game.
However kudos to this guy for his sass.
This man is almost certainly being used as a scapegoat.
Yea not quite sure how this guy could be to blame for P&G trading at 1 cent or whatever it went down to.
Fucking bullshit of the highest order however as the MSM reading fuck tards believe anything they're told it will be concidered case closed to the sheep.
Isn't this the day before Goldman was summoned to testify in front of a congressional hearing? I smell fish and it's not Hitlery
So much for the law being applied to everybody equally. What? You mean that it hasn't been for a long time? Shit!
They're saving that play for the big crash. This dude is being used by the powers-that-be to plant such an idea in the public consciousness.
When the market shits the bed, we'll go to war with someone.
OBEY
The message is to OBEY
DO NOT QUESTION AUTHORITY .... OBEY
back to work, serfs
No, It's COMPLY
Resistance is futile...
Where's a Jack Ruby* to take him out, when you need one?
* Born Jacob Leon Rubenstein, an ex-con, dying of cancer.
BTW, although dying of lung cancer, Ruby died of a Pulmonary Embolism. "Doctor-assisted Factory-Recall"?
You know, the way the mouthy comedian Joan Rivers suddenly died of "medical complications" due to minor surgery -- after her Obama/Michelle remarks (that he's a Homo, she's a Tranny and the kids are adopted)?
/sarc
commodity scammers
GUARD: (Into his walkie-talkie) We have a 51-50 in paperbacks. All units respond.
JERRY: '51-50'? That - that's just a scare, right?
GUARD: Sir, I'm gonna have to ask you to stand out of the way and let us handle this. (The Guard rushes toward Uncle Leo Sarao) Swarm! Swarm!
So now the Brits should demand the extradition of Jamie Dimon for the London Whale fiasco?
This shit works both ways, right? Or does it?
That fact alone proves the entire story is bullshit.
The CFTC got him just ahead of the Nail Gun Squad. Good work, CFTC!
CFTC attention is what happens when you don't work for a Too Big To Jail firm. Those places have to nail down all of the loose ends to keep the Feds from looking bad.
So he gets charged with manipulating the DOW down only 900 points via spoofing.
Yet Bernanke is not charged with manipulating the DOW up over 215% via printing?
We fucking deserve that Cankled Cunt Hilary Clintonin as president!
Welcome to America!
i check a little everyday to see if there is talk about the boston b patsy on trial now??
anything?
i check a little everyday to see if there is talk about the boston b patsy on trial now??
anything?
Patsy telling an investigator to "kiss my ass"? Doubtful.
there really should be a patsy prison. it could be a special kind of place where, to make up for using these people, they could have mini fridges, big screen TVs and free wireless in every cell. if the place only housed patsies it would not be filled with the dangerous criminals of a normal prison, and the inmates wouldn't have to be too concerned with being raped and beaten.
that's basically what prison here in the UK is like, except there is still the ass rapists of course.
I freelance over th? internet and earn about 80-85$ an hour. I was without a job for 7 months but last month my paycheck with big fat bonus was $15000 just working on my computer from my home for 5-6 hours. Here's what i have been doing... www.globe-report.com
Burn the witch! Burn the witch!
She's only a witch if she doesn't burn. But let's see if the theory is true
He was given a game to play and a set of rules, he merely gamed the system all the way. This is what's happenning with the HFT's right now except they only put up small sell orders to bend the market instead of large orders......
What he did wrong was that he set his calculator to maths.
("Look around you" humor)
Common core math explained, / sarc
Tom Lehrer - New Math (Animated)http://m.youtube.com/watch?v=UIKGV2cTgqA
That's like saying some kid in Seattle could access NORAD.
You mean WOPR?
Hey, that totally happened! I saw the movie about it.
https://www.youtube.com/watch?v=pGC42gUSOZY
shtty acting
Yeah that machine playing WOPR really sucked.
But, but...Das Blinkenlights!
Well............that certainly restores my faith in the markets
October 15 was not a treasury flash "crash", treasuries rallied over 5% in price - at which point the organization known as NY FED instructed their bank buddies to close down the treasury market. after all, you are not allowed to make money on treasuries that fast, only on equities. you are allowed and encouraged to short treasuries, apparently, as can be concluded by the daily $100 billion in collateral given by the NY FED to players (and they get paid for it!) via reverse repo.
A little foggy from lack of sleep last night, but what on earth are you talking about??
The day that all the people feasted upon the lambs, toads, slugs and breakfast cereal after dancing in spirited garb about the bonfires celebrating the return of Beelzebub. FFS people, am I the only one with a still functional memory in the days of redacted history?
I think LSD has been discredited so U can stop using.
Toads? Slugs?
#FreeSaraoJailDiamon
And he did it all from his iPhone 5, i.e., the real reason AAPL is surging.
Indian
who was the risk manager for these trades? he could've just as easily lost 40 million in a few minutes... this is fkn hilarious stuff!! keep it coming Goelman and Berman! the new comedy duo, shades of Henny Youngman and Sid Caeser
When do they get Corzine of Dimon? Answer...NEVER
But Gosh, Jon didn't know what was going on, and neither did Jamie! And they sure don't understand all this complex computer doings stuff. It's not their fault. Fight fair.
The CFTC said that Sara's untimely death.... Oh wait, shit. Please disregard that .....for now.
Do as we SAY, not as we DO.
cant the CFTC find a white guy to charge once in a while? After all we cant have race riots on Wall Street....jesus wept get with the program....let the guy move a bit so the US can just shoot him and save the embarrassment of a set up poorly designed by some porno addict in the justice department......
At least he'll get to cell with Belinda Jenner.
Hah!
About as appealing as Queen Hillarity in dark perpetual solitary with sharp objects.
Yes there are white guys to charge:
Mark Gorton
Ken Griffin
Go get'em boys!
Navinder has been corzined and dimoned, no one can survive that.
In 2010, Steve Liesman and Jim Cramer spun a different MSM storyline. But,but those Zerohedge bastards were just another clan to a conspiracy theory.
Piss off CNBS, hold your dick in your hand and try to ejaculate.
at least put a hot tub in the front yard if you made 40 million? wtf?
He doesn't like airplanes or nail guns either. Odd kid.
I think he was in cahoots with the E*Trade baby
More like the TD Trade fraud which hasn't been exposed yet. It will my fellow Zerohedge followers. Time is against them.
Ever notice how everyone looks sketchy in a courtroom sketch?
Looks like the same sketch as the Boston "bomber". Can't they afford a second patsy sketch?
No need we're too stupid.
http://m.youtube.com/watch?v=QmIrx9ey8u4
Criminal mastermind?
Ummm, if you are stupid and careless, and fail to secure your home properly, the guy who breaks in and steals your stuff isn't necessarily a "criminal mastermind". In fact, you've just made it easier for very stupid people to rip you off as well.
And, if you fail to secure your economy properly, the same thing will happen. People will 'break in' and steal your stuff. It doesn't mean they are so smart. It means YOU are so stupid.
Exactly my dear Watson! It's immediately obvious that Dr. Blankenshit broke into this modest unprotected house and perpratated the crime on the youngster's computer. I have also deduced that the good Dr planted the despicable porn found on said computer which I will now confiscate in order to further my research alone in my room. Please my dear Watson, keep all visitors at bay for a time
(Cue low male voice humming Anchor's Away with increasing vigor)
Very true. All these HFT bozos when caught should get an ultimatum. At court the judge says, here is a live market. Trade if for a day, if you make money you are free, if you lose then your ass is going to jail for 20 years. I would bet most would have to write off the next 20 years of their life, some probably wouldn't even try and just throw their hands out for the cuffs. It would be great entertainment to watch especially for the investigator whom he told to "kiss his ass"
Justice! at last
It was Navinder, in the library with the lead pipe.
My shrink buddies say it's OK to have Louisville Slugger moment thoughts. It's the actions that make you crazy or a criminal.
5150, boys!
I favour Kukri machetes myself. You can't beat a recurved blade for cutting power, they can be used in relatively small spaces, e.g. narrow hallways, and
you only need one strike to fully get your point across.
That's the problem with us white guys - really, fucking dull.
Gotta love who was his clearing house during the "Flash Crash"
Wheres the fancy car ??? 40 million could buy some nice things..even in England....
The BRITISH Legal System is Totally Independent. HeeeHaw HeeeHaw
I heard that he was also known to remove those do not remove tags from mattresses.
Or placing your US Passport into a microwave oven to burn out the RFID tracking device that reads chip information, so TSA can check your past flight status and decide if you need to be gropped or sexually assaulted in your asshole.
Kidding.
when u think London cannot possibly sink lower...
the only place that makes our sewer smell less putrid
London aka cesspool
If I made $40 million in profits, no one would find me years later...
May as well fit him up as the brains behind the Hatton Garden job too - kill two birds with one stone.
That Jack the Ripper case needs buttoning up too.
Yeah, it's about time that one was put to bed once and for all.
Will the lawyers let him burn - without taking down the big boys too?
It would be funny to see this backfire, I would subpoena every order record for the day. Watch them drop the charges in an HTF nano second.
And Corzine is on a beach somewhere.
I wouldn't let any POS employee of the CFTC audit the Girl Scout cookie money.
Like Gensler did, they bug out when they find out their buddies are CRIMINALS.
Gensler already knew all his buddies were criminals, he worked at the Squid for 18 years before serving under Treasury Secretaries Robert Rubin and Larry Summers.
...serving under Larry Summers.
Scratch one wireless keyboard.
If that fails they will tie him to Raj and insider trading.
It's clearly a crime, because he did not offer his service to Wall St.
it is refreshing to know that it is the indians who are the rogue traders and not the usual subjects. some bigoted people would expect there may be jewish involvement in manipulating the market but bernie is the only one involved and he confessed because he had remorse for what he did, a good man in the end. even cohen settled when the authorities hounded him for years looking for evidence. other than those two, the huge presence of jews in the bankster industry has not been reflected in the perp walk count. yet, of the few indians involved in the industry, 2 have been caught. as a matter of statistics it is the indians who are rogue traders.
India bank holders are required retina scans to dump money from the bank. Take your bullshit elsewhere.
http://www.bbc.com/news/world-asia-india-18156858
Can't let the pheasants run off the plantation.
you missed the clue, math and all that.
He's with the HindusStaniAntiDefamation League. Very emotional about his work.
If you are interested in drones check out this : www.pickyourdrone.com
Maths.... heh.
Funny thing about the "flash Crash" It was predicted by Woody Dorsey" So I think this guy is just a scape goat. Sentiment predicted the turn. He is the best market timer out there and has predicted almost every major turn. See for yourslef.
Well. At least it sets some precedent.
Is he related to the Boston Marathon bombers? I see a resemblance there. Any chance we can tie this to ISIS and get more people excited to fight them? What else can we extrapolate from this brown kid fall guy?
If Corzine had a son.. no wait, he's TBTF
If Obama had a son... yup that fits!
what ? When ? Where ? Who ?
putain.
what ? When ? Where ? Who ?
putain.
Wasn't Congress pretending to be fighting raising the debt ceiling when this little crash happened?
the Senate was voting on auditing the fed.
Remember, it was all caused by a youtube video
US/TBTF global crash, and USG want this UK dork
the one single guy who knows how the unfree market is rigged entirely by tptb to do as they wish with their hunting algos passion assassin robots & peeps of no place to hide from so they can pick ur minds to be divided between the hypocritical warlords of delete buttons with empty words to pick apart ones soul 24/7 as smother mother Münchausen syndrome of now... Beside anywhere one is without the endless echoing whole to hell of mandated slavery pimped out by lover patenteds in Kiki's evil voodoo doghouse ..... and all he did was use the tools set up to be used all the time as deciet for policies which are beyond financially bankrupt by perfection of nothing better can be tolerated endless jealousy to appetites which will never be quenched with enough blood to cover their tracks posing as the rescue team of the disaster their so talented about creating they have forgotten any other ways in which killing isn't part of loving what jealous hearts can not bear to exist anywhere..... just a shame there isnt any big current to take us off the edge of the earth these days.
Just getting the plebs ready for the idea of a single person able to crash the market, so when they sink the ship they can simply say it was (insert any dumb ass idea). Then moar freedum will be lost and they run to the bank and cash their checks.
Oh yea ur so right and as matter of national security we must leave everyone's back doors open for their so convenient terrorist ... as all peeps should despise all from their Armageddon beds because lover pâténted & passion assassins wouldn't have it any other way.....than Hillary represent all good things for the devilish details of hypocritical judgement day of the real economy needed by those who really just hate all peeps.
this evil doer
this man of financial terror
this council house
housing association lay about
this key bored paki man of stan
must be water boarded
then cia lear jet rendered outi to kiev ukrania
then on
to camp bond steel with dregs of ukraine gold
in kosovo c130 teed with gold opium and human child treasure
to washington
for rabbi processing.
the paki is goy this crime was way above his pay grade.
he needs to pay tel aviv compensations
my life already
Come on Tylers, flash us with your siren, Man!
Let's have a pic of Gold Shirt Man, (also know as the HinduStani Mister T) for the younglings.
Time to move down the line and indict all the spoofers.
Oh the irony:
Under one famous regime if you were of a certain lineage you were in trouble. Now if you are of that certain lineage you are protected.
Liberty is a demand. Tyranny is submission.
But then those paying attention will check their new government license, drivers license, for their yellow star.
http://s2.hubimg.com/u/6336433_f260.jpg
Now isn't that a bitch?!
Michael Jackson is the judge? I remember he dropped out of sight...
can you also pull up Instagram and Oc Rift trends? what about Whatsapp? did you really just compare Myspace to Facebook ...there's a reason they aggresively pursue M&A (hint..stay relevent)
can you also pull up Instagram and Oc Rift trends? what about Whatsapp? did you really just compare Myspace to Facebook ...there's a reason they aggresively pursue M&A (hint..stay relevent)
He should attend the trial with a yamaka. "Your honor! The prosecution calls for a promotion instead!"