-
Futures trader charged for manipulating stock market, contributing to 2010 'Flash Crash'
A futures trader has been charged with illegally manipulating the stock market, contributing to the May 2010 "flash crash," according to documents unsealed Tuesday. The Justice Department charged the United Kingdom's Navinder Singh Sarao with wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of spoofing (which is when a trader places a bid or offer with the intent to cancel before execution). Sarao was arrested Tuesday, the DOJ said. The charges were filing in a federal complaint in Illinois in February, but were unsealed today following the arrest. The U.S. Commodity ... (full story)