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Flash Crash Scapegoat Can't Afford Bail, Will Remain In Prison
The news of Navinder Sarao's arrest, the scapegoat for all that is broken with the world's equity markets, may have come, gone and be largely forgotten, but while the CFTC is happy to have washed the corruption and incompetence off its hands by destroying the career of one insignificant trader (whatever happens, redirect public attention from the HFT firm that just came public and boasted of one trading loss day in 6 years) Sarao is facing decades in prison. And, what is worse for the alleged mastermind of the May 2010 flash crash, he won't even be able to enjoy a few weeks in quasi-freedom. Why? Because this lonely 36 year old, who "crashed" the entire market 5 years ago from his parents' basement (literally), can't even afford bail.
From Bloomberg:
Navinder Singh Sarao, the British trader facing U.S. charges for his alleged role in the 2010 flash crash, returned to Wandsworth prison after he failed to pay the 5 million pounds ($7.7 million) required for his bail.
Sarao, 36, has been in custody since April 21, when he was arrested at the house he shares with his parents near Heathrow airport. The terms he must meet to be released on bail were extended by one week at a hearing at Westminster Magistrates’ Court in London Wednesday.
Sarao, who appeared in court wearing a long-sleeved gray t-shirt, is facing 22 charges in the U.S. after being accused by prosecutors of contributing to the frenzy of the May 2010 flash crash, when investors saw nearly $1 trillion of value erased from U.S. stocks in just minutes. He’s alleged to have made almost $900,000 on the day of the crash and $40 million from 2010 to 2014. He is fighting extradition.
Out of curiosity, how many billion did has Virtu made from 2010 to 2014, a period during which it lost money on one single day?
Oh wait, one can't touch Virtu because they have all the so-called regulators in their back pocket. In fact, the only reason Sarao is in lock up indefinitely is to deflect attention from the real market manipulating criminals. We forgot.
As for Sarao, whose bail is larger than that set for most homicide suspects, this is what his true financial condition is:
The date of his extradition hearing was pushed back from August until Sept. 24 at the request of a lawyer for the U.S. at the hearing. No reason was given for the delayed bail payment. A lawyer for Sarao said last week he has about 5 million pounds in trading accounts and another 100,000 pounds in various betting accounts. Sarao holds a number of offshore accounts, according to documents released by U.S. authorities.
When his security is paid he will be allowed to go home, but will have to adhere to conditions including not accessing the Internet, checking in at a local police station three times a week, and staying at home every night, according to the trader’s bail order.
Wandsworth prison is the largest prison in the U.K. with more than 1,800 inmates, according to the Ministry of Justice website. Defendants from Westminster are automatically remanded in custody at Wandsworth, which has the second-highest security rating among U.K. detention facilities.
So as he awaits to have his frozen funds clear (he may have a while to wait) master criminal Sarao - whose life has been destroyed to protect those more powerful and more wealthy than him - has become a sideshow attraction.
A prison van arrives at Westminster Magistrates Court where trader Navinder Singh Sarao is due to appear after failing to raise the cash needed to make bail.
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Welcome to show trials ala the Chinese Cultural Revolution! ....is that Chairman Obama or underlord/lady/thing Hillary making an appearance?
Somehow, The Clinton Foundation's probably involved.
Hillary is desperately trying to avoid a flesh crash.
Remember the Goldman scapegoat? The Russian programmer??? This is no different.
There's a scapegoat for all the Rulers. One day, soon, I'm sure we'll see Obama and Billary were above blame and Valerie Jarrett fucked it all up.
The guilty must be absolved of all sin and the innocent crucified.......
10 bennybux says he gets 'suicided' in jail....
Only Gold Shirt Man can save him now.
Perhaps Michael Lewis can give him a hand help him write a book on how he did it from his basement similar to Lewis's epic story re: subprime that was a bestseller.
I feel bad for this kid, eh.
PS: I wonder if he had a dehumidifier in his UK basement/ Any chance he knows that Emily chick?
The innoncent have been changed to protect the names.
+666. Simple. Effective.
Personally, I think Jarrett is a higher pay-grade than that.
Well, they could co-author the book version and pay for a top shelf defense lawyer.
If he co-authored with Tyler Durden, I'll bet you the books would go flying off the shelves.
yep
https://www.youtube.com/watch?v=UeQsZOQqO6I
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
No margin for bail?
LOL !
That oughta keep him quiet for a few years, and then the charges will be reversed. Example:
http://www.wired.com/2012/02/code-theft-conviction-reversed/
Happens more often than you might think. Or reduced sentences in exchange for keeping one's mouth shut.
maybe one of those prisoner groupies will marry him and post bail.
Charlie just married someone 50 years younger than him. these insane women seem to crave the forced distance or something.
Incarceration makes the heart grow fonder.
...and the sphincter much, much looser.
Your avatar is Best in Show!
Made $40,000,000 and lives with his parents.....something does not add up...
he made $40,000,000 living with his parents and working from home! he musta read the troll ads that appear here regularly.
hot puppies, i'm gonna sign up myself!
My coworker's third cousin's nephew made $770,000 a week trading stocks in his mom's basement...click on the link to find out how!
https.onlysuckershavejobs.comm
I think that was Henry Hill line in Goodfellas where they also extort you
$39 million was from the bitcoin salt mines, the rest was speculation.
You didn't really think a Jew was going to jail, did you? They have to steal like 50 BILLION before they see the inside of a cell like Madoff. A mere BILLION or two like Corzine and they're rewarded after donating to Israel.
Only reason Madoff went to jail was because he screwed Jews. If hehhad stuck with goyim he would have been fine.
Muthafrackin Madeoff CHOSE jail because he knew there was a hit on him and his kin. The only place left for him to get free protection was 'inside'.
Little Stevie Cohen had to pay a Billion to stay out of jail, goyim rate higher
Here's a good test case for Jury Nullification.
Alright my righteous ZHers, lets crowd-fund this Indian's freedom.
That was my thinking too.
Lots of smart mouths here with all the answers, let's see $20 toward justice.
Unfortunately for Nav, he fits the narrative. His crime was to separate himself from the herd.
"What is the weight of the Soviet Union?"
J. Stalin to Genrikh Yagoda, when Yagoda was having trouble extracting a confession through torture.
Will he be found hanged in his cell while awaiting the kangaroo-court trial?
(which would be declared an admission of guilt.)
Project Venus will figure out a way to bail him out, while finding 25 million Bob Hope sucker to buy his home.
We're Quantitative Sleazing some folks.
Yes their economy... of who the hell do they think they are now!
he will soon be just anther medicated zombie
dribbling and going to the toilet in his pantaloons
like james holmes he will be brain whacked tavistock style.
in commun nickardo
maybee the bbc will call it stroke
when all is said and done
this boy and his story will never get out
NOW
cos he was well to feisty.
liquid and tablet smith klein labotomy
He should have changed his name to Stein, Berg, Gold, Fien, Corizine ect. ect... Then all would be forgiven.
It's not the name per se... it's the donations that buy freedom.
He is TSNTF ... Too Small Not to Fry
Tooo much, WB7!
May you never run out of TTs and ISEGs. (Truth Torpedoes and Intercontinental Skullduggery Exposing Graphics)
All delivered at just under the speed of light.
Hell yeah!
~ DC
While its hard to find sympathy for these algo-raiders, he's effectively a Political Prisoner.
You challenge the status quo; Mandela, Gandhi, Snowden, Assange, Binney, Black Panthers, THEY will come after you.
This planet needs an enema.
He will never go to trial since his defense would open the Box of HFT's Pandora
How many flash crash stories have we had ever since the Sarao case became public? I think people are learning from him.
Nanex has all the ammunition he would need to exonerate himself or at least prove it was common practice ... follow @nanexllc and you will learn
Never?
An "open" trial maybe, but
there is always probability that
a) he will be threatened by a draconian prison sentence into a plea bargain and silence
or
b) the government will use "national security"
and/or economic "terrorism" charges to keep information classified.
Meanwhile the oligarchs fly under the radar still. Their time is coming though. These scapegoats won't slake the thirst for blood that is coming after the next financial reaping the Garchs will undoubtedly commit against the people.
How about this?
No order cancellations rule. You order it, you own it.
All buys should be held for minimum 24 hours. That would wipe out 90% of the scammers on Wall Street and in The City.
A "restocking fee" for cancellations, which could be a percentage of the original order size.
That might force the real orders to the front of the line.
Likely be released after signing a agreement not to release the damning information he obviously has,,, and paying a fine.
Didn't some guy once say that it is better to set 100 guilty men free than convict one innocent one. Now in the industrialized American "justice" system it is better to have one innocent man go to prison for life rather than have hundreds of guilty bankers get a small fine.
Notice the Prisoner Transfer Van has seven 'photog' windows on each side of the PTV? Show trials require all the necessary State regalia IMO. Each dispatched 'photog' is armed with a $10,000. USD camera to take a reel or two of photos in less than 2 minutes for a six figure salary and 4 weeks vacation per year. Processing the film is automated and their day's worth of work is off to the photog editor. Not bad for a day's work IMO. Where do I sign up?
good thing too, else his spine might have gotten severed on the ride over.
Sarao's arrest and Freddy Grey's murder are blatant, in your face injustice.
For the elites all I can think of is a rope and lamp post, natural law at its best.
He's a dead man walking. He'll be extradited to the States and murdered in prison long before he ever sees a courtroom there, much less gets to testify in his own defense. Nobody will ever cop to knowing who did it.
Virtu's founders, safely cashed out well ahead of the next crash which will send Virtu the way of Lehman, will go on to their next scam without bothering to wash the blood off their hands, and assuredly die rich and happy in the arms of their latest trophy wives---in their own beds.
Free Corzine!
Liberty is a demand. Tyranny is submission.
Media
/ \
Financial <--> Political
$ /
$ /
Courts
Liberty is a demand. Tyranny is submission.
Question anyone else here trade the e-mini...
FBI that made this complaint are kind stupid or they are going to arrest 100,000 e-mini traders.
Who hasn't put two orders on at the same time. Long or Short
Who hasn't.. gone oh shit. and pulled them.
Who with half a brain thinks HFT can be done over the internet
Oh shit after reading the complaint.. the people that wrote the charges may not even have half a brain.
Now the piece that's missing Is the MF Global...
My brokers will not let me put on my max and then put on another order for the same large amount.. blue sky or not.