10 Nov 2016
A trader who operated from his parents’ home in London has pleaded guilty in the US to helping trigger a 2010 Wall Street “flash crash”.
Navinder Sarao, 37, pleaded guilty to fraud and illegally manipulating the market.
Sarao, from Hounslow, who was shackled in the Chicago courtroom, was told he faces up to 30 years in prison after admitting the charges in a plea deal.
The crash on 6 May 2010 wiped nearly $1tn off the value of US shares.
Sarao traded remotely on the Chicago Mercantile Exchange – a highly computerised market – from his bedroom at his parents’ home near Heathrow Airport in London.
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