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Flash Crash Trader To Johnny Law: I'm Sorry... For Being So Dope!

Navinder Sarao is super apologetic that he's apparently way better at spoof trading than all the other people who were doing it.

Navinder Singh Sarao appeared in a London courtroom today and was rather unequivocal in his stance that he should not be extradited to the U.S. and be a patsy face charges for his role in the 2010 Flash Crash.

"I've not done anything wrong apart from being good at my job. How is this allowed to go on, man?" Sarao said at Westminster Magistrates' Court.

While some are interpreting Sarao's statement as the words of an unrepentant criminal mastermind, it is also fair to see them as the honest pleas of a kid that made a lot of money doing what a lot of other people - and firms - were doing at the time... man.

Also, Sarao might be a little bit miffed that he's unable to post bail despite having more than enough cash to get himself out of the clink (or whatever the Brits call it). Why can't he, you might be asking?

Two weeks ago, Sarao was granted bail pending a full extradition hearing later this year provided he produced just over 5 million pounds ($7.6 million) and met other conditions.
But his lawyer James Lewis said Sarao had not been able to access the 5 million pounds because U.S. authorities had frozen his assets.
"We cannot obtain any money. Any request to obtain the money was refused," Lewis told the court.

So while Sarao is stuck eating stale scones and moldy marmalade in the Tower of London (Ed note: our xenophobic assumptions of the modern Britsih penal system), billions of dollars made from spoofing continue to course unchecked through the global economy.

But maybe Sarao - who, again, traded from his childhood bedroom in his parent's suburban home - is indeed paying the price for being just so much better at something that a ton of other people were doing in 2005.

Seems as reasonable as anything else going on here.

Accused 'flash crash' trader tells UK court: 'I did nothing wrong' [Reuters]


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