The British man whose bogus trades may have contributed to a $1-trillion sell-off in global stock markets during the 2010 'flash crash' will avoid prison because he provided 'extraordinary cooperation' to the government in identifying other market cheats.
The British man whose bogus trades may have contributed to a $1-trillion sell-off in global stock markets during the 2010 “flash crash” will avoid prison because he provided “extraordinary cooperation” to the government in identifying other market cheats.
Sarao apologized “to all those affected by my spoofing” and to his family because his actions had “hurt our good name.” He pledged to continue cooperating with authorities investigating illegal spoofing trades “for as long as they want.” At Tuesday’s hearing, a probation officer told Kendall that her order of home detention in the U.K. may not be enforceable by U.S. authorities. Details of Sarao’s supervision weren’t immediately available, though the judge said it would involve random calls from probation officers.
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