How a Lone Trader Wiped off Almost $1 Trillion Under 30 Minutes From the US Stock Market
The story of a flash crash trader — Navinder Singh Sarao
Source-Wikipedia
May 6, 2010, at 2:33 pm EDT, the US stock market started plummeting without warning and it lasted for approximately 36 minutes. This event wiped off an exorbitant amount of money (almost $1 trillion) and is recorded as the flash crash that represented the fastest drop in market history. The Dow Jones plunged to almost 1000 points.
Source-Wikipedia
On April 21, 2015, almost five years after the incident, the US Department of Justice charged Navinder Singh Sarao, a British financial trader, with 22 criminal counts, including fraud and market manipulation.
But who is Navinder Singh Sarao and what did he do to make the market turbulent from 4,000 miles away?
Who is Navinder Sarao?
Navinder Sarao, then 32, is a London based trader whose trading career started in 2002 at the firm called Futex. Soon enough, Sarao realized his potential, left his job at Futex in 2008, and started working as a lone trader from his parents' home.
