UK Trader With Asperger's Contributed to 2010 Flash Crash, Spoofed Markets for Millions
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Navinder Singh Sarao was a UK-based stock trader who allegedly contributed to the 2010 "Flash Crash" that briefly wiped out $1 trillion in US markets.
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Sarao operated from his bedroom using custom software to exploit high frequency traders by placing and rapidly cancelling orders, a practice known as "spoofing".
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Prosecutors estimated Sarao made $40 million through illegal trading activities from 2010-2014 before being arrested.
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Sarao had Asperger's syndrome and originally faced 22 charges and 380 years in prison in the US.
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He ultimately pleaded guilty to spoofing and wire fraud, paid $12.8 million, served limited time, and returned to the UK while avoiding maximum sentencing.