How do you prove you don't have $35m of ill-gotten gains parked in an offshore account ?
That's the dilemma facing Navinder Singh Sarao, known variously as the 'Flash-Crash Trader' and the 'Hound of Hounslow' and currently residing at Her Majesty's pleasure in London's Wandsworth prison.
Bloomberg View reports that Sarao is accused of contributing to - but not causing, mind you; the Commodity Futures Trading Commission is adamant about that - the so-called 'flash crash' that briefly wiped $1tril off the value of U.S. stocks on May 6, 2010. He faces a maximum prison term of 20 years for wire fraud, 25 years for commodities fraud, and 10 years for market manipulation and spoofing.
The case against Sarao smells strongly of scapegoating.
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