Loading ...CHICAGO (AP) — A British futures trader pleaded guilty Wednesday during his first U.S. court appearance since helping to trigger a May 6, 2010, “flash crash” from his parents’ suburban London home that wiped tens of billions of dollars off the value of U.S. stocks, rattling investors and leaving many wondering if the market was rigged.
A grand jury indicted him in 2015, citing his manipulation of E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange. In doing so, it says he helped spark the 2010 “flash crash” when the Dow Jones Industrial Average plunged 600 points in just five minutes before rebounding. Sarao allegedly earned around $900,000 in profit on that one day.
https://www.barchart.com/stocks#/news/2071377/british-trader-charged-in-flash-crash-pleads-guilty