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Now 42, Navinder is back living his old life, like nothing ever happened. You can still enjoy your subscription until the end of your current billing period. The arrangement meant Sarao all but avoided paying corporate taxes. or In seeking a reduced sentence, federal prosecutors also said Sarao was not motivated by money, greed, or any desire for a lavish lifestyle, other than the purchase of an inexpensive car. Editor Navinder Sarao pleaded guilty to roughly $13 million worth of spoofing on his first visit to the United States in November 2016. Morgan, who left the firm, didnt respond to a request for comment. Navinder Singh Sarao, 37, was arrested by British authorities on April 21 at the request of the US Department of Justice. Visualvirtuoso. He offered commissions to third-party agents to send prospective investors his way, ensuring a steady stream of business and creating a buzz around the firm. Navinder Sarao pleaded guilty to roughly $13 million worth of spoofing on his first visit to the United States in November 2016. They show Sarao was an expert at spoofing, good at his job. Liam Vaughan has been covering financial markets for a decade. Navinder Singh Sarao created offshore firm "Nav Sarao Milking Markets Limited." Cyrus Farivar - Apr 21, 2015 10:51 pm UTC. As part of his cooperation with federal authorities, Sarao returned to Chicago in April 2019 to testify in the federal trial of Jitesh Thakkar, a computer programmer from Naperville charged with helping Sarao secure millions in illicit profits. Navinder Sarao's 'Flash Crash' Case Highlights Problem of - WSJ Back in 2007, he sent an email to Doubledown Mediathe now-defunct publisher of, NOW WATCH: How to supercharge your iPhone in only 5 minutes, Bloomberg News uncovered some emails sent by Sarao, called the case against Sarao a total "joke. 'Flash Crash' Trader Avoids More Jail Time - WSJ His lawyers started contacting his investment advisors but they couldnt get the money. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Panic station at Fox News: how the Murdochs agonised over Trumps loss, FCA regulator blamed for Arms decision to shun London listing, Argentina diary: Come armed with $100 bills, There are no domestic equity investors: why companies are fleeing Londons stock market, Deluge of inflation data pushes US borrowing costs to 2007 levels, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? Ten years ago, trading futures from his parents suburban London home, Navinder Sarao shook up the investment world when his computer program set off the flash crash," causing the stock market to temporarily lose a trillion dollars in a matter of minutes before recovering.