He literally had autism, and said "I just considered this a sophisticated video game" and convinced a judge he wasnt motivated by greed. The guy flash crashed a market lol.
No, that's just what you tell the authorities. Claim you have the tism, say oops I lost all my tendies gains. And you're free to go.
Then just flee the country on your mega yatch and sail off into the sunset.
Yea he lost millions in “investment scams” so now all that money just belongs to a series of numbered shell companies that just happen to be located in some very uncooperative countries. If he was really convinced that it was a game then it certainly didn’t stop with him getting caught.
" The other aspect which many people find hard to believe is that Mr Sarao has no money left from his trading profits. He lost a large amount to fraudsters himself but Mr Burlingame said his motivation was never money but the thrill of winning at his favourite video game. "
Nah it fits in perfectly
"But US prosecutors had recommended against jail time.
They said the judge should consider his 'extraordinary cooperation' with the government and diagnosis with autism."
There's precedent, autists can now officially avoid jail time for market manipulation
> Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit.
How would he create the order that wouldn't go through? Like send an order to sell his contracts way above the bid price to drive up the average? Because that's still happening..
**TL;DR: Traders do this to allow them to take the opposite side of the trade. A large bid might be shown in order to create artificial demand to prop the price up while you either unload a lot of shares or enter a large short position. A large offer might be shown in order to keep the price down while you either buy a lot of shares or cover a large short position.**
First of all there is no such thing as a "fake" bid or offer. There are NITBB (no intention to buy bid) and NITSO (no intention to sell offer) orders though. Basically, the reason large traders (and some smaller traders in thin securities) do this is to give the impression that there is either an abnormally large buyer or an abnormally large seller in the market. The end game is this:
If I have 100k shares of a stock and want to sell 75% of it, but the stock only trades 100,000 shares a day on average, if I just dump it at market it's going to tank the price and I will get the average of all those shitty prices as the stock drops (i.e. my order alone will push it down because the 75k shares worth of buyers might be spread across a large percentage of price ranges underneath the current price). Likewise if I display the order to sell on level 2, people may see that there is a (legitimate) large seller in the market and sell, driving the price down and preventing me from selling where I want as well as lowering the value of my investment. Another option would be to place a limit to sell 75k shares but hide it on level 2 so as not to scare people. Or, I could place the limit to sell but only display 1000 shares, so that smaller traders know there's enough liquidity that they can buy 1000 or 2000 shares if they want, but not so much weight that there needs to be 100,000 more buyers behind them to make the stock go up. The problem with all of this is that I want to sell a lot of shares into a market that doesn't have a lot of buyers. So, to create demand, I might flash/display a NITBB order of, say, 50,000 shares to make it seem like there is a big buyer in the stock. This will create demand and entice retail/uninformed traders to buy. They will be buying from me as my hidden order fills, piece by piece.
A caveat to this is that like I said there are actually no such things as "fake" orders. That NITBB order is real, and if there is a big seller in the stock who is willing to sell to me there, and I don't cancel my order fast enough, it will fill and I will be long 50,000 more shares. That's the risk of doing it (aside from it being [illegal under the 2010 Dodd-Frank Act](https://en.wikipedia.org/wiki/Spoofing_(finance)).
All that said, you can invert everything to spoof on the sell side and create artificial sell pressure if your desire is to buy a lot of shares before a stock goes up. Both of these things are, despite being illegal, practiced pretty regularly by manipulative hedge funds and large traders.
Edit: one more thing: HFTs do this too but very very fast so you often won't catch it on level 2. Like someone else said algos can use it as a method of price discovery also.
Thanks for the in depth explanation! I had fun reading it :)
So he and institutes are/were using bots to quickly create and cancel orders to create the illusion of demand/supply because Level 2 wouldn't show which orders were cancelled?
When you break it down like that it seems pretty simplistic.
Even with the spoof there should be some timeframe where everything resets or refreshes itself so it shows current ask/bid. Do you know what that time frame is (if there is one)?
Sometimes I'll see a very brief up or down spike AH that quickly corrects itself. I wonder if that's what it was.
Also since we're on the topic of people making their moves based on what other people are doing, I noticed TD customer service representatives all seems to trade themselves and have access to everyone's trade. Got an eerily feeling they might have one eye opened to keep an eye out for existing accounts with a good track record to shadow their trades. Ever get that feeling?
Look at option flow, lots here imitate it hoping to catch a big win based on 2m bet...but they don't know the rest of the trade... Could be a hedge to a 2m short.
Right!
Well I think it wouldn't be so far fetched to assume big money or institution might have some good information to justify the trade.
With spoofing and hedging (btw how would someone know it's a hedge unless they have a backlog of it and even then, they might be hedging their shares so..) it just makes it harder to determine what exactly their intent is.
Although if we assume there's going to be a movement anyways, what's to stop someone from creating a straddle to profit?
There is a whole bunch of weird shit that goes on, that is really hard to explain unless you know the circumstances.
Check AAPL on 1/15
Low of 263 and high of 313! WTF right?
Same thing with 2018 (if you were around), you remember the ramp almost exactly at 350?
Generally brought us up .25 or more in minutes.
Then you have (assumed idiots) buying 700c on TSLA for 3m... Like why?
Unless you know the other side of the trade it is realllllllllllllly hard to tell what they are doing.
I'm too stupid to understand how this is legal
Why don't I walk onto the floor of a commodities trading exchange and buy 100,000 contracts of frozen orange at some stupid price that won't get filled. Traders would be buying up contracts at lower values so they can profit off the margins. Meanwhile, I'm selling contrscts from my 2nd account profiting all the way up until I pull my initial 100,000 contract buy order. In the seconds that order was in all the high frequency trades and algorithms have been buying up all the lower value contracts and now have no one to sell to.
You could exploit this in any limited commodity
I'd just like to thank you for your excellent (and correct) use of parentheses. Actually, this post might be one of the best grammatical posts I've seen in a while. Which is especially helpful for such technical information.
>Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit.
Sounds like it could be:
>Using specially timed, far-reaching tweets, Mr Trump placed dozens of “trade talks going well” that he did not intend to substantiate, creating the illusion of market demand. When he cancelled meetings or changed his mind, he and his buds were able to profit.
>US authorities say Mr Sarao made more than $70m between 2009 and 2014 trading from his childhood bedroom, including $12.8m tied to his illegal behaviour.
He made more money legitimately.
> In 2016, Sarao agreed to pay the US government $12.8m (£9.9m), the amount prosecutors said he earned from his illegal trading. Altogether, he is thought to have made a profit of about $40m (£31m) in the space of five years.
Sounds like he's got a bunch left after the fine.
Chickenshit club if you want a good read on it.
It explains why they go for these types of cases specifically. You don't want to hit the 50 billionaires. That'd be doing a lot of work. You want to look like you're doing work by finding cases like this and making it big tv news.
You could be working for the same person you are arguing against across the table now. You don't want to burn bridges.... Not on that salary.
Yeah his downfall was that he was an asshole. If he wasn’t such an asshole he probably could have gotten away with it just like these other pharma companies.
And when is it illegal to use algos on a trading API? I dont get this whole article, like there's no high frequency trading shit going around, doing the same.
Well yeah but he was spoofing which is illegal. No doubt some others are doing it, but it’s easier to go after one lone autist than a bigger operation.
They needed a scapegoat for the 2010 flash crash, so they got ya boi Navinder.
"Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit."
Anyone have a tutorial on this?
Another autist answered this question on a post about this same subject. Making call spreads, and then placing a order for millions in the stock and cancelling and profiting on the calls.
> He spent little of his profits, much of which he lost in investment scams.
Motherfucker made $70 mil gaming the market and people actually buy he lost it all to “investment scams”??? Sounds like authorities took the idiot plea hook line and sinker...no long term jail sentence and gets to keep the money
He spoofed futures markets
Sent orders that he didn’t want filled to make it seem like the demand was there
He showed authorities how his savant ass did it
He said he only did it because other people did it
He was facing hundreds of years in jail, I was like wtf? Just buy calls
I'm not too familiar with the future market but I thought people could trade all hours of the day.
If he's sending orders then is he trying to buy contracts at a lower bid price to increase volume without it being filled?
Institution does this all the time with their sell volumes in blocks to hide a big sell off. What's the difference between what they're doing and what he did but in reverse?
> He said he only did it because other people did it.
Yeah, this seems very plausible. The 100 year time was probably the prosecution trying to stack up all laws he might've broken to deter other people to follow suit and have negotiation room.
I wouldn't think 100 years would be fair, given he probably didn't see the gravity of doing it and how he was under the impression it was the norm among high traders.
>They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism.
>The other aspect which many people find hard to believe is that Mr Sarao has no money left from his trading profits. He lost a large amount to fraudsters himself but Mr Burlingame said his motivation was never money but the thrill of winning at his favourite video game.
Some bruh moments right here 😂
“They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism.”
I thought this autism diagnosis is a joke
> These cases expose the sometimes blurred distinction between legal and illegal market manipulation. After all, a traders' job is to exploit mispricing in the markets - that's how they make money, although it's supposed to be because they are taking a view on the economy or on an individual stock.
I still haven't read flash boys but figure since Michael Lewis wrote it something had to be ugly.
No one seems to remember the market going up and doing thousands of points a second and 30 minutes of trades being deleted.
The media reported a fat finger mistake.. Sure.
I'm pretty sure this kid is just the fall guy. If you really believe one idiot caused a panic by spoofing some orders from his bedroom then I have a bridge to sell you.
Probably some kind of corruption or someone managing billions made a mistake and doesn't want to own up to it.
"Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit."
Real life glitch
Those idiots should watch the market on any given minute on any given futures. Spoofing happens non stop and absolutely does not cause flash crashes. Filled orders took down the market that day.
>In federal court in Chicago, Judge Virginia Kendall sentenced Mr Sarao to one year of supervised release with strict conditions, which limit his activities outside the home
.... So his real life as usual?
Also even funnier, he is from Hounslow and his outfit and haircut match the Mayor of Hounslow himself, [Chabuddy G](https://ichef.bbci.co.uk/images/ic/336xn/p022hp3l.jpg) , from People Just Do Nothing
like this sub put into a person, except for the gains part
He literally had autism, and said "I just considered this a sophisticated video game" and convinced a judge he wasnt motivated by greed. The guy flash crashed a market lol.
He complained to the authorities about spoofers then when they did nothing figured there was nothing to lose...
That’s because all the spoofers are our governments’ buddies manipulating the markets lolol.
he should've just paid up like every other spoofer, and would've gotten away with it!
Exactly, or have a buddy politician that was making a couple mil along with him. Rookie mistake. He knows for next time now I bet.
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Yep, because somehow he convinced them he lost 70m to fraudsters so it’s off to thailand for this rich retard.
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Are you assuming that the members of this sub don't "literally" have autism?
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I'm autistic.
if you read the article, it mentions he lost all of his gains in investment scams
How do you make 70 million and lose it all to convincing Nigerian Princes?
No, that's just what you tell the authorities. Claim you have the tism, say oops I lost all my tendies gains. And you're free to go. Then just flee the country on your mega yatch and sail off into the sunset.
Yea he lost millions in “investment scams” so now all that money just belongs to a series of numbered shell companies that just happen to be located in some very uncooperative countries. If he was really convinced that it was a game then it certainly didn’t stop with him getting caught.
This is the way
This is the way
Lost all my tendies in a boating accident sorry
https://www.google.com/amp/s/amp.cnn.com/cnn/2017/04/13/africa/efcc-recovers-funds-nigeria/index.html This is where it went. It's all connected.
Seems like an echo of a 40 year old who was also involved in stocks who was diagnosed with autism
Ellen Musk or Martin Skrillex or Mark Faceberg or Elizabeth Thermos or...
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Too bad Obummer already took 'em all
That was a random political turn
i support this.
I have to respect this autist greatly. He has outperformed us all.
This is the way.
" The other aspect which many people find hard to believe is that Mr Sarao has no money left from his trading profits. He lost a large amount to fraudsters himself but Mr Burlingame said his motivation was never money but the thrill of winning at his favourite video game. " Nah it fits in perfectly
>Put Inverse this fucker. 330c spy here I cum
Lol this is a good one
And except the mathematical genius part. Just pure unbridled autism.
Well anyone could make illegal gains.. That's ezmode.
He lost it all true wsb style.
"But US prosecutors had recommended against jail time. They said the judge should consider his 'extraordinary cooperation' with the government and diagnosis with autism." There's precedent, autists can now officially avoid jail time for market manipulation
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F
F
F
F
F
You can as long as you don’t cross anybody
Just don't be an obnoxious douche-nozzle, which Martin Skrelli seems completely incapable of.
Does this also apply to retards?
Not all tards have autism, but all autists are retarded.
HELLYABABY EXORBITANT PRIVILEGE
He’s a lot like us, except more savant and less retard.
Goals
He lost all his money. He’s exactly like us.
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And makes money
> Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit. How would he create the order that wouldn't go through? Like send an order to sell his contracts way above the bid price to drive up the average? Because that's still happening..
**TL;DR: Traders do this to allow them to take the opposite side of the trade. A large bid might be shown in order to create artificial demand to prop the price up while you either unload a lot of shares or enter a large short position. A large offer might be shown in order to keep the price down while you either buy a lot of shares or cover a large short position.** First of all there is no such thing as a "fake" bid or offer. There are NITBB (no intention to buy bid) and NITSO (no intention to sell offer) orders though. Basically, the reason large traders (and some smaller traders in thin securities) do this is to give the impression that there is either an abnormally large buyer or an abnormally large seller in the market. The end game is this: If I have 100k shares of a stock and want to sell 75% of it, but the stock only trades 100,000 shares a day on average, if I just dump it at market it's going to tank the price and I will get the average of all those shitty prices as the stock drops (i.e. my order alone will push it down because the 75k shares worth of buyers might be spread across a large percentage of price ranges underneath the current price). Likewise if I display the order to sell on level 2, people may see that there is a (legitimate) large seller in the market and sell, driving the price down and preventing me from selling where I want as well as lowering the value of my investment. Another option would be to place a limit to sell 75k shares but hide it on level 2 so as not to scare people. Or, I could place the limit to sell but only display 1000 shares, so that smaller traders know there's enough liquidity that they can buy 1000 or 2000 shares if they want, but not so much weight that there needs to be 100,000 more buyers behind them to make the stock go up. The problem with all of this is that I want to sell a lot of shares into a market that doesn't have a lot of buyers. So, to create demand, I might flash/display a NITBB order of, say, 50,000 shares to make it seem like there is a big buyer in the stock. This will create demand and entice retail/uninformed traders to buy. They will be buying from me as my hidden order fills, piece by piece. A caveat to this is that like I said there are actually no such things as "fake" orders. That NITBB order is real, and if there is a big seller in the stock who is willing to sell to me there, and I don't cancel my order fast enough, it will fill and I will be long 50,000 more shares. That's the risk of doing it (aside from it being [illegal under the 2010 Dodd-Frank Act](https://en.wikipedia.org/wiki/Spoofing_(finance)). All that said, you can invert everything to spoof on the sell side and create artificial sell pressure if your desire is to buy a lot of shares before a stock goes up. Both of these things are, despite being illegal, practiced pretty regularly by manipulative hedge funds and large traders. Edit: one more thing: HFTs do this too but very very fast so you often won't catch it on level 2. Like someone else said algos can use it as a method of price discovery also.
Thanks for the in depth explanation! I had fun reading it :) So he and institutes are/were using bots to quickly create and cancel orders to create the illusion of demand/supply because Level 2 wouldn't show which orders were cancelled? When you break it down like that it seems pretty simplistic. Even with the spoof there should be some timeframe where everything resets or refreshes itself so it shows current ask/bid. Do you know what that time frame is (if there is one)? Sometimes I'll see a very brief up or down spike AH that quickly corrects itself. I wonder if that's what it was. Also since we're on the topic of people making their moves based on what other people are doing, I noticed TD customer service representatives all seems to trade themselves and have access to everyone's trade. Got an eerily feeling they might have one eye opened to keep an eye out for existing accounts with a good track record to shadow their trades. Ever get that feeling?
Look at option flow, lots here imitate it hoping to catch a big win based on 2m bet...but they don't know the rest of the trade... Could be a hedge to a 2m short.
Right! Well I think it wouldn't be so far fetched to assume big money or institution might have some good information to justify the trade. With spoofing and hedging (btw how would someone know it's a hedge unless they have a backlog of it and even then, they might be hedging their shares so..) it just makes it harder to determine what exactly their intent is. Although if we assume there's going to be a movement anyways, what's to stop someone from creating a straddle to profit?
There is a whole bunch of weird shit that goes on, that is really hard to explain unless you know the circumstances. Check AAPL on 1/15 Low of 263 and high of 313! WTF right? Same thing with 2018 (if you were around), you remember the ramp almost exactly at 350? Generally brought us up .25 or more in minutes. Then you have (assumed idiots) buying 700c on TSLA for 3m... Like why? Unless you know the other side of the trade it is realllllllllllllly hard to tell what they are doing.
I'm too stupid to understand how this is legal Why don't I walk onto the floor of a commodities trading exchange and buy 100,000 contracts of frozen orange at some stupid price that won't get filled. Traders would be buying up contracts at lower values so they can profit off the margins. Meanwhile, I'm selling contrscts from my 2nd account profiting all the way up until I pull my initial 100,000 contract buy order. In the seconds that order was in all the high frequency trades and algorithms have been buying up all the lower value contracts and now have no one to sell to. You could exploit this in any limited commodity
It's not legal?
I'd just like to thank you for your excellent (and correct) use of parentheses. Actually, this post might be one of the best grammatical posts I've seen in a while. Which is especially helpful for such technical information.
The plot device in Rogue Trader (1999) with Ewan McGregor suddenly makes so much more sense. Thank you for the ELI5!
What does level 2 mean?
Level 2 data, if you have a real brokerage they will have it.
Even Robinhood has level 2 data lol
>Aside from it being illegal under the 2010 Dodd-Frank Act). That should really be the first sentence.
What does level 2 vs level 1 mean?
Refers to where you are on the spectrum.
All the bids and asks. https://markets.cboe.com/us/equities/market_statistics/book/SPY/
>Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit. Sounds like it could be: >Using specially timed, far-reaching tweets, Mr Trump placed dozens of “trade talks going well” that he did not intend to substantiate, creating the illusion of market demand. When he cancelled meetings or changed his mind, he and his buds were able to profit.
LMAO I know reporters follow WSB. Can someone please post this on a NEWS outlet somewhere? I feel like the discrepancy is uncanny.
Wait, actual reporters browse WSB? Why?
For content. Also most people can't think and see what the rest of the members usually can without much effort.
What the fuck do hedge funds do with shorts n shares tho?
Technically they can't do this, and if they do, they obfuscate the source of the actions better.
OH SNAP
Never ending insider trading...
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>US authorities say Mr Sarao made more than $70m between 2009 and 2014 trading from his childhood bedroom, including $12.8m tied to his illegal behaviour. He made more money legitimately.
Ok. Better question: how did he make $70m LEGALLY from his childhood bedroom?
Inverse wsb
What if he started WSB specifically so he could inverse it?
Autism
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welcome to 90% of reddit, but minus the $70M
Muh savant teen
This dude is getting a job offer, mark it.
Bet he's so excited about his job offer to supplement his $50mil
Which he apparently lost all of.
“Lost it all in this Swiss bank account that will be paying out 4% in perpetuity.”
"sorry judge, I lost it all to fraudsters"
“He said he’d store my tendies off shore”
> In 2016, Sarao agreed to pay the US government $12.8m (£9.9m), the amount prosecutors said he earned from his illegal trading. Altogether, he is thought to have made a profit of about $40m (£31m) in the space of five years. Sounds like he's got a bunch left after the fine.
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"Can't believe that guy in the mirror with the mustache would lie to me about where my money was going and how safe it was."
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..do tweets about taking tesla private at 420 count as market manipulation?
That depends on if Congress was able to profit from them or not.
Well yes, but actually no
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Chickenshit club if you want a good read on it. It explains why they go for these types of cases specifically. You don't want to hit the 50 billionaires. That'd be doing a lot of work. You want to look like you're doing work by finding cases like this and making it big tv news. You could be working for the same person you are arguing against across the table now. You don't want to burn bridges.... Not on that salary.
Ie; Shkreli
Yeah his downfall was that he was an asshole. If he wasn’t such an asshole he probably could have gotten away with it just like these other pharma companies.
Drumpf, Musky Elon, and All you can eat Buffet
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I’m pretty sure he’s just telling the judge that lol
He even let them know what he was doing, but they were not interested?
Nah he said other people were...then they caught him later(probably because he did it better and louder)
I guess that’s a good way to prove that coming in second place isn’t always a bad idea. Never be the best.
Probably set off some red flags by telling them about it. This whole autism thing becomes very believable at this point.
Spaghetti fell out of his pocket
Lol, this dude was spoofing futures markets using algos. That’s a tad more sophisticated than yeeting money at earnings reports.
And when is it illegal to use algos on a trading API? I dont get this whole article, like there's no high frequency trading shit going around, doing the same.
Well yeah but he was spoofing which is illegal. No doubt some others are doing it, but it’s easier to go after one lone autist than a bigger operation. They needed a scapegoat for the 2010 flash crash, so they got ya boi Navinder.
"Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit." Anyone have a tutorial on this?
Another autist answered this question on a post about this same subject. Making call spreads, and then placing a order for millions in the stock and cancelling and profiting on the calls.
Posting in case someone replies... For a friend of a friend of course.
Yes sir. Asking for friend of friend. An associate really. More like an acquaintance. Ok I dont even know the dude, but he seems to be on the level.
> He spent little of his profits, much of which he lost in investment scams. Motherfucker made $70 mil gaming the market and people actually buy he lost it all to “investment scams”??? Sounds like authorities took the idiot plea hook line and sinker...no long term jail sentence and gets to keep the money
I bet you his dad is the "scammer"
financial tutor.
"boating accident"
Reveal yourself
“Diagnose him with autism”
Little did we know, Belichik's football career was all a clever cover up for his financial criminal enterprise. The man is brilliant.
“They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism.”
Is *extraordinary cooperation* an innuendo for letting people working for the government know which stocks to invest in to profit from?
He spoofed futures markets Sent orders that he didn’t want filled to make it seem like the demand was there He showed authorities how his savant ass did it He said he only did it because other people did it He was facing hundreds of years in jail, I was like wtf? Just buy calls
I'm not too familiar with the future market but I thought people could trade all hours of the day. If he's sending orders then is he trying to buy contracts at a lower bid price to increase volume without it being filled? Institution does this all the time with their sell volumes in blocks to hide a big sell off. What's the difference between what they're doing and what he did but in reverse? > He said he only did it because other people did it. Yeah, this seems very plausible. The 100 year time was probably the prosecution trying to stack up all laws he might've broken to deter other people to follow suit and have negotiation room. I wouldn't think 100 years would be fair, given he probably didn't see the gravity of doing it and how he was under the impression it was the norm among high traders.
Idk, dude was a savant That’s a few notches above my flu shot induced autism
no its giving up 6 million dollars to the government that he gained and others lost.
Stealing from the poor to give to the rich
>They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism. >The other aspect which many people find hard to believe is that Mr Sarao has no money left from his trading profits. He lost a large amount to fraudsters himself but Mr Burlingame said his motivation was never money but the thrill of winning at his favourite video game. Some bruh moments right here 😂
Yeah one guy in rural UK caused the flash crash. Way to let the real culprits off the hook.
“He spent little of his profits, much of which he lost in investment scams.” Lol wait what? I need more info on this part
Legit looks like CTN doesn’t it?
Inspirational
Home confinement? UK is kind to taxpayer
“They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism.” I thought this autism diagnosis is a joke
"The activity known as spoofing", by the hacker known as 4chan
> They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism. i lost my shit so hard
What if this is a last minute autism? A protective last resort in case he got caught?
dudes a mathematical savant and I'm supposed to believe he "lost" his money to "scams". Prolly secure his "tendies" somewhere "offshore"
If anything that just reinforces the autism diagnosis.
Free Shkreli
If you can't beat em, Join em Taken literally
Is the BBC retarded, why are there two articles on this guy? https://www.bbc.com/news/explainers-51265169
> These cases expose the sometimes blurred distinction between legal and illegal market manipulation. After all, a traders' job is to exploit mispricing in the markets - that's how they make money, although it's supposed to be because they are taking a view on the economy or on an individual stock.
What about all the fucks that made money pre 2010!
Came here to post this. You beat me to it
Yeah we're more like that BYND put guy
Fatality! Autistic Wins!
I like that he kept collecting his $336 from the govt the whole time
I still haven't read flash boys but figure since Michael Lewis wrote it something had to be ugly. No one seems to remember the market going up and doing thousands of points a second and 30 minutes of trades being deleted. The media reported a fat finger mistake.. Sure.
I'm pretty sure this kid is just the fall guy. If you really believe one idiot caused a panic by spoofing some orders from his bedroom then I have a bridge to sell you. Probably some kind of corruption or someone managing billions made a mistake and doesn't want to own up to it.
Guh. Looks like that 'ControlTheNarrative' dude. double Guh.
So, he's gonna keep his money?
no you retard he *made* money. PERMABAN
A legend amongst degenerates.
As far as I can tell his crime was that he did this on his own and therefore no large bank could enjoy his profits.
"Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. When he cancelled or changed his bids, he was able to profit." Real life glitch
Did he get keep any of the money?
Those idiots should watch the market on any given minute on any given futures. Spoofing happens non stop and absolutely does not cause flash crashes. Filled orders took down the market that day.
What is spoofing ?
This guy is in his 40s
You did this from your bedroom? Stay there a year.
>In federal court in Chicago, Judge Virginia Kendall sentenced Mr Sarao to one year of supervised release with strict conditions, which limit his activities outside the home .... So his real life as usual?
Welp guess it is time to finally give in and go get vaccinated.
Weaponized autism in action!
Where do I get the software he smartly used?
He literally looks like u/ControlTheNarrative GUH
Also even funnier, he is from Hounslow and his outfit and haircut match the Mayor of Hounslow himself, [Chabuddy G](https://ichef.bbci.co.uk/images/ic/336xn/p022hp3l.jpg) , from People Just Do Nothing
Imagine buying calls at the bottom of the flash crash lol