r/interesting • u/be_you_tiful- • 9d ago
Just Wow Bro cashed out way too much
A man working from his parents' house in West London made tens of millions of dollars trading futures from a bedroom filled with stuffed toys. His name is Navinder Singh Sarao, and he's on the autism spectrum.
There was no Wall Street trading floor. Sarao worked out of the family home in Hounslow, using a customized trading program on an ordinary desktop computer, and by most accounts he lived a pretty quiet life.
Then came May 6, 2010. In a matter of minutes, US stock markets plunged, and nearly $1 trillion in value briefly vanished before prices bounced back. It became known as the Flash Crash.
Years later, US authorities said Sarao's spoofing helped make it worse. Prosecutors said he placed large sell orders he never intended to fill, then canceled them, which pushed prices down so he could profit from the swings. They said his strategy was running on the day of the crash, and that he made more than $40 million from this kind of trading over several years.
Sarao fought extradition from the UK for years. He eventually pleaded guilty to wire fraud and spoofing in the US. His lawyers pointed to his autism, and the judge sentenced him to time served followed by home confinement rather than more prison time, citing his cooperation with prosecutors.
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u/TheBflyEffect 9d ago
Sentences to home confinement? He didn't sound like he was leaving anyways 🤣
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u/Jazzlike-Check9040 9d ago
bro put all his money into a financial advisor, which scammed him for like 300million.
he didn't even care about the money lol. just lived in his parents house, played soccer and ate mcdonalds
there's a really nice documentary done on him that explains everything. dude was a autistic savant who just liked numbers, he wasn't actually after the money.
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u/KoreanNoodles 9d ago
If he didn't care for the money, he should've just told me, his totally trustworthy long-lost cousin.
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u/norsurfit 9d ago
Hey Niko, it's your cousin Roman! Let's go bowling!
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u/Banditkoala_2point0 9d ago
What's the name of the doco?
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u/z00o0omb11i1ies 7d ago
I like the part where his financial guy just took the 300 million, and was like oops i lost it, and that's that, and neither he nor the police were like we need to investigate this and charge the guy with theft
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u/worldsyaoyster 7d ago
Financial guy 'lost it'.
Autistic guy doesnt pay taxes on his losses. Authorities also can't seize something thats lost.
Police wont act coz no one is making a claim to the stolen money.
Autistic guy goes 50/50 with his finance guy in backdoor payments. Probably crypto and assets through other shell companies.
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u/z00o0omb11i1ies 8d ago
I don't even understand the logistics of this... How is he able to put in millions of dollars of trade orders that get modified hundreds of times quickly, and his broker doesn't suspect anything?
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u/Jazzlike-Check9040 8d ago
He was dark pooling or high frequency trading through brokers that are specially setup for this (I don’t know the details but it’s in the documtary or something).
It’s not like he was trading through Robinhood.
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u/z00o0omb11i1ies 8d ago
I didn't even know a retail trader could even have access to that
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u/optionstrategy 8d ago
Yes, though he did it thru a Chicago based futures brokerage and software provider.
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u/Dugongwong 9d ago
"you can't send me to my room, I'm already in my room!"
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u/imnotpoopingyouare 9d ago
"I'm not locked in here with you, you're locked in here with me!" He said to his Reptar plushie.
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u/aislingplath 8d ago
😅 I'm autistic and my parents spent so much time trying to get me to come OUT of my room. They realized pretty quickly that punishment backfired lol.
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u/Dugongwong 8d ago
I'm the same but with ADHD. They really found the ultimate punishment though and forced me to sit downstairs on the couch with them, where the only thing allowed on the TV was my mother's soap opera's
The CIA should take notes from them on effective psychological torture.
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u/Fra5er 9d ago
I’m sorry but hedge funds are allowed to artificially move the value of stock prices at whim but when retail does it its a crime?
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u/ThePlantHearth 9d ago
Same as gamestop. We gotta just shut down the stock market in general. Its just a way for people who dont produce or give back to society to gain more than the working place.
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u/AreaUnique3594 9d ago edited 9d ago
large multinational publicly traded Companies no longer innovate, they have All gutted things like customer service and quality control. A lot of them don’t even really make anything any longer, as long as they are convincing analysts to give it a favorable rating. It’s really nuts where we are right now.
Building a business, and watching it continue to grow It’s Customer base is the last thing any anybody on Wall Street wants to be involved in. And that’s absolutely insane.
when selecting a CEO, the board of a company don’t give shit if you are a wizard at running a business, they wanna know what you’re going to do to consistently keep the stock price moving up. Being an astute Business person? irrelevant. I used to be in the Insurance business, and I was what was called a captive agency. I exclusively sold property and casualty insurance for a very large publicly held Insurance carrier. We had a couple of offices and when I started, it was truly a great business. And things changed, as they often do which is to be expected. But this was different, this was a race to the bottom. This company went from being a place where people staged for decades, the experience of the people you dealt with on the phone the relationships you had with them, all gone in a matter of 18 months.
Ultimately, it became evident what the goal was. And the goal was to not take care of the customer, oh hell no. not in the top 10. And It sure as fuck wasn’t to take care of employees, or their partners. They didn’t care about their employees than they did their customers. It’s just about the stock price, shareholders, and analysts. If you want to have your ass kissed by a company don’t be their customer, and surely don’t work for them. Be an analyst or be a large shareholder.
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u/HeavyTea 9d ago
I lost $200 on gamestop. My whole nut, as they rigged it.
Was play money but real results. Robin Hood eats my ass
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u/Katusa2 9d ago
Why do you think 401Ks were created and SS started to be talked about as insolvent.
Its all to get more money from the workers.
"Investing" really took off once the average man could easily put money in.
Every stock trade has a winner and a lower.
I buy a piece of paper for 1$ and then convince you to give me 2$ than I've won and you lost. You now have to find another person to lose by giving you 3$ for the paper. At some point that ends.....
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u/SargeUnited 9d ago
Actually, everything I bought, I’ve been holding for decades, and they just pay me quarterly. I pay every bill with that. I’ll die holding. Absolutely zero intention of trying to pawn my shares off on anyone.
I’d be totally okay with nobody else buying for decades. In fact, it might surprise you to learn that the number one purchaser of equities in the United States is the corporations themselves. The only one I really need to buy Apple stock is Apple itself. Other people getting in doesn’t make me any more money. It just raises the price that Apple has to pay for the shares advised back
So what you seem to believe is actually the opposite of reality. If I ever give advice to somebody to invest in the stock market, that’s me doing them a favor.
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u/BeABetterHumanBeing 9d ago
It's a crime when hedge funds do it too. The person here got a slap on the wrist because they made a big enough difference that everyone wanted to find who was responsible. But yes, finance companies are regularly fined over similar behavior.
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u/No_Syrup_9167 9d ago
Yes and No,
A person doing this, its extremely obvious that they're doing it on purpose to manipulate the market.
multi-billion dollar hedge funds though, when they move, the market reacts because of sheer size of the movement. Its an unavoidable effect.
Thats not to say they don't do it on purpose and take advantage, thats just to say it gives them the legal cover to make it not illegal.
"its not something we can change judge, we didn't do it on purpose, we just moved money and it happened! I swear us taking advantage of it was unintended!" /s
add to that, that the fines rarely exceed the gains/risk.
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u/Pandamonium98 8d ago
Hedge funds don’t want to move prices from trading, it’s against their interest. They want to be able to trade in and out of positions quickly, and placing a big enough order to move the price means that you’re paying more.
Sure it looks like the price is up now when you own it, but if you try and sell what you just bought, the price drops back down so you lost money.
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u/YT-Deliveries 8d ago
that the fines rarely exceed the gains/risk.
This is why it's refreshing that the EU is starting to institute penalties that are percentage of revenue and/or profit. Makes it hurt a lot more to get caught.
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u/meeeeeeeehhhhhhhhh 8d ago
No spoofing is very illegal and if a hedge funds placing big blocks and cancelling there's going to be a big boy on the other side of the trade who's going to pull that thread
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u/allmybreath 9d ago
The implication is that autism was behind this fiasco.
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u/Kn0wnSoul 9d ago
I am sure he was conspiring with his stuffed animals. You can't do these things on your own
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u/petty_throwaway6969 9d ago
The council of stuff has decided to crash this stock. It shall be done!
Apparently it was a hedge fund that caused the crash though. I think I might trust the council more tbh.
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u/OpenSauceMods 9d ago
Damn vaccines, will their reach know no limit? Their dangers ever be fully mapped?
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u/Cold-Crab74 9d ago
So it's a problem when he does it but when the president does it it's fine.
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u/Naive_Confidence7297 9d ago edited 9d ago
Rules no longer exist in the US. Well, except for the peasants.
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u/Financial-Savings-91 9d ago
The golden rule is now, don't fuck with their money.
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u/veryfungibletoken 9d ago
Now? They used to hire the police to shoot labor strikers, it's always been the rule.
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u/Ok-Location-9562 8d ago
And its crazy work that people are just learning about stuff like this
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u/veryfungibletoken 8d ago
It's cut out of our education to make sure we don't realize people literally died at the hands of our own government for the few worker protections we have now.
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u/RonaldBurgundy1 9d ago
Not their money supposed to be a free market
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u/FakeNigerianPrince 9d ago
even in a free market economy one should use commas when necessary
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u/exodusofficer 9d ago
Remember back when Jim Cramer got called out for blatent lies and market manipulation to fleece investors and cash out? Nothing has changed recently.
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u/laplongejr 9d ago
You probably meant except for the peasants, an exception the peasants will have to accept against their wish.
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u/Telefundo 9d ago
Nah, rules don't exist for them either. Everything in the US now is about the whims of whoever's in charge.
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u/No-Ambition-4164 9d ago
"When the president does it, that means it is not illegal" - Richard Nixon
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u/Ok_Zebra_1500 9d ago
Also a bunch of companies with their computers as physically close to the stock exchange computers as they can get. Did the flash crash institute rule changes to ban the practice?
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u/Advanced_Accident_29 9d ago
It’s banned technically but it still exists every day. I can’t think that there’s actually a real way to stop it. In essence you’re saying “I put an order there but now I don’t like it so I’m going to remove it”. How do you really stop that? That’s called trader discretion if you’re doing it by hand
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9d ago edited 8d ago
[removed] — view removed comment
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u/octipice 9d ago
You're glossing over the incredibly important implications of prices in HFT being influenced by trades that haven't been executed yet.
HFT is essentially a way for large investment firms to steal money from retail traders (or anyone not doing HFT) by being able to see what is about to happen in the market and make moves before everyone else can. It is a literal crystal ball and should be illegal.
Instead what is illegal is using HFT to make ot so other HFTs see a "false future" in their crystal balls instead of the actual one. To be clear this is a "crime" that only results in using the advantage that HFTs have over everyone else to take money off of them, while HFT in general is used to constantly take money off of the rest of us.
HFT is one of the biggest scams in the world where the ultra wealthy are leeching money off of all of us and providing nothing of value in return. HFT never should've been legal in the first place.
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u/DonkeyFries 9d ago
Let me make sure I understand what you are saying.
There are algorithms that make trades incredibly quickly, in milliseconds, far faster than any human could actually make trades that are in any way legitimate. And there are other algorithms that detect trades far faster than any human could, or, you know, faster than the reality of demand. And someone used this system that someone else established to manipulate the price. Because it’s bad when a lowly peon games the system but fine when established interests do.
Or am I not understanding something?
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u/studiodonz 9d ago
And supposedly there are remote and secret facilities in the High Frequency Trading infrastructure where microseconds advantages are created on international trade traffic. In bunkers guarded by mercs. Like if C.O.B.R.A. from G.I. Joe did physical trade manipulation.
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u/anclandor 9d ago
Yeah I think you are. It sounds like (from the above comment) there is a specific trading strategy where you basically lie by putting in a bunch of buy orders you don't plan to close, to manipulate prices. This strategy is illegal for everyone. It's also not possible to perform without having HF or UHF trading, so access to those abilities is heavily regulated. Any brokerage firm (an in-between that purchases and sells stocks for investors) that offers such services must have systems in place to prevent people from using this tactic.
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u/McLamb_A 9d ago
That's exactly right. The large brokerage firms are "too big to fail". So when something bad happens with the markets, they're the first to cash out leaving the rest of us holding the bag.
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u/drewster23 9d ago
Except that's not what this is about.
It's about the specific illegal method, not just "getting rich".
You can say the same thing about insider trading but people even rich people do go go jail for it....
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u/drewster23 9d ago
Because it’s bad when a lowly peon games the system but fine when established interests do.
Errr no because the high frequency traders aren't doing the illegal things he was doing to trade.
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u/Specialist-Clue1151 9d ago
No, front loading and spoofing is a very specific type of manipulation that is illegal for both large firms and individuals.
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u/TheRealTexasGovernor 8d ago
Unironically, yes. In America your net worth and access to the halls of power dictates how the law treats you.
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u/ThePsyPaul_ 9d ago
The president is above the law in the us
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u/Typhoon-class_Romney 9d ago
Well that's a weird way to make me cry
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u/Slow_Savings4489 9d ago
It is true, too! Per the US Supreme Court in 2024.
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u/ADownStrabgeQuark 9d ago
It was found they took bribes for that case too.
They literally sold our nation for a few million dollars.
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u/perf1620 9d ago
Jp Morgan places hundreds of thousands of spoof orders on silver futures. It was a whole thing.
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u/Svartdraken 9d ago
He should be sentenced to go play outside
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u/-Renee 9d ago
IKR? Like, forced to go to parties would be an actual sentence.
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u/Soft_Brush_1082 9d ago
Have you’ve the book about early hackers? There were two guys in UK, who became much healthier after doing their light prison sentence as they were forced to exercise and be active instead of spending all the time in from of the computer screen
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u/Majomember420 9d ago
He spent like 10 years in a max security prison. He got sentenced to house arrest after that.
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u/ThugstinSwagburn 9d ago
This reads like he was just using the free market and the corporations in charge didn't like they where losing in the free market to him.
The one time that capitalism works for the average man, he goes to jail.
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u/guri256 9d ago
Here’s an analogy that might be easier to understand. Let’s say that you are a car dealership, and you list an ad offering 10 really nice cars for half the market price. Then you decide 15 minutes later to change their price.
You knew that no one would be able to get to the dealership in 10 minutes to take advantage of the price. What you did was intentional false advertising to get people to come to your dealership.
This is technically capitalism, but it’s also illegal. And there’s a good reason it’s illegal.
He did kind of the same thing. He put a bunch of stock up for sale at an unreasonably low price, and then intentionally canceled the sale before other people have the milliseconds needed to finish buying it. He did this to manipulate the market price. This is also technically capitalism, and also definitely illegal.
If he had just decided to sell some stocks at a low price and then changed his mind later, that would’ve been one thing. But this was scripted and timed. He knew that he would be taking them off the market before anyone could buy them before he even put them on the market. Just like the hypothetical car salesman knew he would change the price before he advertised the lower price.
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u/melatone5 3d ago
It's not quite right. He put large orders up for sale at a slightly higher price than what it was trading at thereby fooling traders and algo systems into thinking that there is more selling pressure than there really is, thereby causing increased selling and profiting from shorting that
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u/jawknee530i 9d ago
I work for a trading firm that is part of one of those "big corporations in charge". We'd be fined out the ass on top of the profitable trades being rolled back and people would end up in prison if they did that here as well. Sometimes it's not a case of the big guys doing things the little guys can't and spoofing in the market is one of those.
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u/No-Adhesiveness-8251 8d ago
The stock market is legalised fraud for bankers and investment firms. Whole thing should be shut down
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u/DonViper 8d ago
So what is the difference between what he did and what the rich do on a dayly basis
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u/i_am_banished 8d ago
He got caught and had no important friends
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u/Formal_Evidence_4094 8d ago
no massive group lawyers on retainer , rookie mistake
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u/aloneinthiscrowd 9d ago
Now go after the spoofers, inside traders, market manipulators and general fraudsters in the US.
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u/letsburn00 9d ago
The crash actually was caused by one of them. They miscoded their Emini auto purchaser.
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u/RepresentativeAspect 9d ago
The headline and description on the image are horribly and deliberately misleading. He is implied to be sympathetic victim, being punished for being too successful. And his success is due to some idiot-savant type autism that gave him super trading powers.
In actuality he was doing ordinary market manipulation that is illegal in all major markets, and he was caught. That’s all. If anything, he got off easy due to being autistic.
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u/the_unsoberable 9d ago
It's simple. Who's most active on the internet? People who live with their parents, believe they are autistic and hope that they will become rich one day - that's the target audience of the post and that's why he's shown as some kind of autistic Robin Hood.
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u/jpcali7131 8d ago
Hedge funds and market makers pull this kind of stuff all the time. It was only a problem because the poor people aren’t supposed to be able to move a market and make money doing it.
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u/Va1kryie 9d ago
I don't really see what the stuffed animals have to do with this but this but ok.
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u/aNiceTribe 8d ago
It’s just to shame him. Imagine this post about any other normal person: “an autistic maths teacher teaches nothing but maths and geography for 35 years and was found to have a home full of maps, never had a girlfriend” bro okay? We’re shaming people for being pillars of society now
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u/rephyus 9d ago
He clearly made millions, so something tells me the wall of stuffed animals works.
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u/aislingplath 8d ago
Right. Ever read an article with the equivalent for a non-autistic offender? "Surrounded by... whatever neurotypical adults decorate their space with"? I'm autistic lol. I have stuffed toys too lol.
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u/ShinobiOfTheWind 9d ago
He was sentenced to home confinement.
Autistic bro: "DON'T THREATEN ME WITH A GOOD TIME!"
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u/tombisch 9d ago
So instead of making sure the underlying issues are adressed end the responsible people, they once again found a scape goat??
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u/letsburn00 9d ago
I've read the book about the crash. He had nothing to with it. It was a hedge fund in Chicago that miscoded one of it's Emini hedge functions.
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u/holdmyllm 9d ago
You are conveniently leaving out the facts that he wrote highly specific spoofing software that allowed him to spoof insane amounts of contracts in the book which is expressly against the terms of the exchange and illegal... If he didn't use his spoofing software, the hedge fund wouldn't have reacted to what it though was a huge market mover.
In short, hedge fund is stupid because it reacted to a spoofed signal, but the person spoofing is ultimately at fault.
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u/doocheymama 9d ago
Thank you for saying this.Evvery time this gets posted I cringe and how misinformed people are and the wild conspiracies that emerge
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u/SoftdomDadNextDoor 9d ago
He's just the guy who took the fall for the Flash Crash. There were a lot of other factors that played into it, including a few large institutions, but those are too big to jail. So they found an autistic brown person and pinned the whole thing on him. He wasn't doing anything that the big HFT firms like Citadel and Getco weren't doing.
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u/Mr-Mortgages 9d ago
This is the truth. I saw the dude trade he was normal. They just blamed him because he'd always short the S&P and made tons when it crashed. HTFs spoofed and still do but of course it doesn't count because it's big money.
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u/Downtown_Lock3934 9d ago
I'm autistic. How do i unlock these powers?
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u/CalmEntrepreneur884 9d ago
Autism is like xmen, your powers will be selected randomly
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u/Sochi540 9d ago
He got in trouble for cashing out, wtf, is the stock market a charity for big business or something.
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u/samanime 9d ago
Yeah. Honestly... if you aren't allowed to do something, it shouldn't be possible to do something. These systems need to be modernized.
But they won't be, because rich people do these things all the time... they just don't get in trouble for it.
It's all a huge pile of abuse.
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u/Sochi540 9d ago
He didn't even use hardware, he use a old program on his gaming rig.
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u/samanime 9d ago edited 9d ago
Yeah. You have tons of traders out here renting office space in downtown Manhattan to put literal super computers that are physically as close as possible to be able to send trades as fast as possible, and somehow those are totally above board but this guy was able to break the stock market from a quarter of the way around the planet on ordinary consumer grade hardware...
Yeah... I'm not buying that.
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u/HyperSpaceSurfer 9d ago
Yeah, he figured out a fault in the robotraders and exploited it, then it was the robotraders that crashed the market. He got into trouble for taking from the rich, essentially. Totally fine to use faulty automated systems to enrich yourself, though.
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u/Sochi540 9d ago
Yep it's not market manipulation by using robotraders no, but a old ass program on a gaming rig, sigh people are brainwashed.
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u/InsectaProtecta 9d ago
He got in trouble for stock market manipulation. This is the second post I've seen today where people fundamentally misunderstand the difference between getting rich and committing an obvious crime.
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u/SilverHeart4053 9d ago
Robin Hood didn't get in trouble for stock market manipulation when they LITERALLY DISABLED THE BUY BUTTON ON GME
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u/Gizogin 8d ago
Because you could still buy that stock through other means? RobinHood just wouldn't let you borrow their money to do it anymore, because they ran out.
And yes, that was RobinHood's business model. That's what "instant deposit" was: you put money into your account, but it takes three or four business days to actually go through. RobinHood lets you borrow their money in the meantime to make your purchases faster, then they reimburse themselves when your deposit actually lands. But there was such a frenzy around GME (from brand-new accounts with no actual deposits processed yet) that RobinHood was at risk of running out of money.
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u/North_Affect_8167 9d ago
It's an obvious crime only when you are regular dude living with your parents and not a billionaire with connection with the president.
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u/Unambiguous-Doughnut 9d ago
To be fair if your big enough or in a form stock market manipulation is perfectly legal because the system is broken.
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u/S1ckn4sty44 9d ago
I mean, shit, look at the market manipulation by the president every fucking day.
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u/VitaminPb 9d ago
Elon Musk had entered the chat.
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u/ippleing 9d ago
'Funding secured'
That alone ripped the stock on a double digit increase in minutes.
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u/crunkful06 9d ago edited 9d ago
It’s only a crime if the rich don’t benefit. Fuck all of them
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u/Sochi540 9d ago
Tell me how he manipulated the stock market again, im kinda out of the loop
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u/wmurray003 9d ago
"Prosecutors said he placed large sell orders he never intended to fill, then canceled them, which pushed prices down so he could profit from the swings. They said his strategy was running on the day of the crash, and that he made more than $40 million from this kind of trading over several years."
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u/InsectaProtecta 9d ago
It says it right there in the post. He was placing large sell orders he never intended to fulfill in order to drop stock prices so he could buy on the downswing and profit. That's illegal regardless of how much money you have
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u/stilldebugging 9d ago
I’m kind of wondering if he was just doing this for lulz and didn’t make money, could he have still been charged? It sounds like the charges relate to market manipulation and making fraudulent orders with the intent to cancel them.
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u/Low-Car-6331 9d ago
Yes, the stock market is heavily regulated because their are firms who will hire lawyer just to read the laws and find any type of loophole possible, just because there is tons of money to be made. Commodity market price manipulation is the exact crime, but under today's laws it would be under the "Dodd-Frank Wall Street Reform and Consumer Protection Act" which specifically made this type of activity illegal.
Trust me, the last thing you want is an unregulated stock market, go through the history books of 1850 through 1950's if you want to see what happens when you remove laws around it. Heck, 2008 crash was thanks to wall street realizing it could create high grade securities from worthless mortgages by relying on arbitrage math (which is now illegal).
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u/Yellow_Snow_Cones 9d ago
He got in trouble for manipulating the market. (I assume).
"Prosecutors said he placed large sell orders he never intended to fill, then canceled them, which pushed prices down so he could profit from the swings."
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u/No_CM8787 8d ago
Another kind of lottery system that is supposed to make you feel smart, but in reality it’s just another mechanism to funnel money from the poor to the rich
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u/hectorchu 9d ago
It's actually a giant casino. And like actual casinos, they stop you from cashing out big.
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u/free_terrible-advice 8d ago
Yes? With just enough sharing to discourage the barely not poors to support burning the system down.
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u/fawlty8towers 9d ago
Can recommend the book Flash Crash by Liam Vaughan, which tells the story of Navinder, how he got into it, how he did it and the aftermath. Really interesting and well written book. I read it in one go
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u/rocqus 9d ago
How can you make sell orders if you don’t hold the stock? That seems like a flaw in the system to me.
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u/No_Accident8684 9d ago
well, you can borrow them.. and pay interest on that. thats the whole concept of short selling:
borrow the stock -> sell it at a high price -> buy it back at a lower price -> give back the borrowed stock and pay your fees -> whats left is your profit
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u/trav_tr 9d ago
You could explain this to me 500 different ways and I still wouldn’t get it
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u/MonthlyWeekend_ 9d ago
If you borrowed your mates car, and sold it to someone for $6000.
Then two weeks later bought it back for $4000.
Then said sorry to your mate, gave him his car back plus $500.
You just short sold your bro’s car and made $1500.
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u/SargeUnited 9d ago
It’s actually this, except your friend agreed and that $500 was the fee that he was going to charge you.
Also, don’t forget to mention that if the price of the car had gone up to $8000, you’re on the hook for the difference between the price you and your bro agreed on and the actual cost of getting him a new car
Most important thing is to mention that in this hypothetical, the car’s price could technically hit infinity
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u/Jordonknox 9d ago
They couldn’t give him to harsh of a sentence. Cause that would set a precedent for congress and this administration
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u/Minimum_Isopod_4332 9d ago
„There was no Wall Street trading floor.”
O really, I thought he was on the floor yelling open outcry orders
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u/Fullchester_United 9d ago
I used to spend a lot of time spoofing in my bedroom when I was his age…
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u/LickinThighs2 8d ago
I am pretty dumb and financially illiterate, but like, isn't the point of holding stocks in their value and how it boosts your assets / portfolio, and therein the value in holding stocks being that you have assets to use to trade / loan against etc or access that value in liquid currency selling shares etc? Are you not allowed to just sell your shit and dip?
Was his crime just that he wasn't the class of rich that is above the law and gets away with pumping and dumping? (I mean I guess he got house arrest, so did kinda get away with it)
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u/ScaredAndImpaired 8d ago
What happened to it being a 'free market'? Is that only for businesses and politicians?
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u/ApolloniusTyaneus 8d ago
Placing fraudulent orders isn't part of the 'free market'.
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u/SaraaWolfArt 8d ago
Market manipilation and bad faith trades are verh much illegal.
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u/flyingflail 8d ago
What do you mean I can't steal from any store I want? Isn't this a free market???
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u/Sea-Chart2558 9d ago
So they have him a prison sentence (home confinement) because "free market" worked so well?
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u/No_Negotiation3142 9d ago
Where can I find him and a million more like him? Let's rogue trade all the Billionaires until their great, great, great grandchildren are in irrecoverable debt.
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u/Cool_Prior1427 9d ago edited 9d ago
so what exactly did he do wrong? He was gaming the system to his advantage as much as possible. Isn't that the point? Did he actually do anything illegal?
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9d ago edited 9d ago
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u/terenul1 8d ago
No, he did spoofing, which is illegal. You buying shit companies after they pump 200% is irrelevant
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u/0_Foks_Given 9d ago
He got in trouble for doing exactly what big trading players do; manipulate the market
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u/FrogFiddler 8d ago
This feels like the stock market equivalent of getting kicked from a casino because you're too good
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u/Radiant-You6384 8d ago
if regular people do it, its horrendously illegal and he needs to be deported etc etc. but if the elites do it, is just every day trading. what scumbags
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u/dangerous_mochi 8d ago
if the system is so fragile that one autistic person can make it crash like this, just imagine what two could do
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