A man was arrested on Tuesday in London on behalf of American authorities, who have accused him of orchestrating the infamous “flash crash” of May 2010, when the Dow Jones Industrial Average lost 600 points within minutes.
After Navinder Singh Sarao was taken into custody, federal prosecutors unsealed a criminal complaint against him, and the United States Commodity Futures Trading Commission (CFTC) also unsealed a related civil case. Prosecutors will now begin the process of attempting to extradite Sarao to the US. He operated from his home in west London, as a one-man firm: “Nav Sarao Futures Limited.”
Sarao has been charged with one count of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of “spoofing,” where a bid or offer is canceled before it is actually executed.
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