A futures trader in the United Kingdom has been arrested for illegally manipulating the stock market and contributing to a “flash crash” in 2010, according to a statement by the Department of Justice. Navinder Singh Sarao is being extradited and charged with wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of spoofing (placing a bid with the full intention of canceling). He allegedly contributed to the “flash crash” on May 6, 2010, when the Dow Jones Industrial Average fell by 1,000 points before recovering.
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