Navinder Singh Sarao, the London day trader accused of causing the 2010 Flash Crash, is going to plead guilty to fraud, Bloomberg reports.
He was accused of “spoofing” the Chicago Mercantile Exchange’s futures market — which means making a large bet, waiting for the market to react to it, and then cancelling the trade and betting against other traders’ reactions.
Prosecutors say Sarao sparked a sudden market crash on May 6, 2010 in this way.
He was recently extradited to the US from the UK.
More to come…
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