Reply to: What can one lone trader at home achieve?

[BrilloPad]

Interesting article on the rise and fall of Nav Sarao, the Flash Crash Trader. Includes references to the Montpelier EBT and tax specialist Andrew Thornhill.

How the Flash Crash Trader’s $50 Million Fortune Vanished - Bloomberg

If only he had read CUK in 2008, he would have known to avoid MTM in 2009.

Not reading CUK leads to poverty. DP will not be a millionaire without CUK. Though all those brothels and illicit gold deals help.

[xoggoth]

Total mystery to me how that could happen. Used to work on aircraft control systems, crashing those was much easier.

[scooterscot]

You can do it with crypto-currencies... just saying like.

On that note, some of those CC are becoming more resilient to volatility, which is interesting.

[DimPrawn]

Interesting article on the rise and fall of Nav Sarao, the Flash Crash Trader. Includes references to the Montpelier EBT and tax specialist Andrew Thornhill.

How the Flash Crash Trader’s $50 Million Fortune Vanished - Bloomberg

And his accountant lived in Wakefield...

[greenlake]

Interesting article on the rise and fall of Nav Sarao, the Flash Crash Trader. Includes references to the Montpelier EBT and tax specialist Andrew Thornhill.

How the Flash Crash Trader’s $50 Million Fortune Vanished - Bloomberg

Looking to minimize his tax bill, he was introduced by his accountant to John Dupont, a director at the London arm of an Isle of Man-based financial advisory firm called Montpelier Tax Consultants.

In 2009, on the advice of Montpelier, Sarao entered into a complicated dividend-stripping scheme that resulted in a major reduction in his tax bill

Sarao had an uncanny ability to attract controversial characters. He sought advice from tax specialist Andrew Thornhill, who in 2015 would be charged by the British barristers’ industry group with five counts of professional misconduct.

[DimPrawn]

Flash Crash trader: 'I did nothing wrong' - BBC News

Mr Sarao denies the charges but was remanded in custody for the third time after failing to raise £5.05m in bail. His lawyers' request that bail be lowered to £50,000 was refused.

His legal team told Westminster Magistrates' Court he had been unable to raise the funds required by US authorities because they had frozen his assets.

They really want to hang him out to dry.

His PC was crammed full of child porn and bomb making instructions too.

[BrilloPad]

Flash Crash trader: 'I did nothing wrong' - BBC News

Mr Sarao denies the charges but was remanded in custody for the third time after failing to raise £5.05m in bail. His lawyers' request that bail be lowered to £50,000 was refused.

His legal team told Westminster Magistrates' Court he had been unable to raise the funds required by US authorities because they had frozen his assets.

They really want to hang him out to dry.

[SueEllen]

That, plus not knowing anything about his mother, it's not really possible to pass comment. There are plenty of utterly terrible mothers out there.

If his mother was that bad he could have moved out and/or found a wife. Though if he's that mean he would just do the former.

[vetran]

so basically they are saying one cow's farts are causing global warming?

£25 million its ant droppings.

https://www.youtube.com/watch?v=2J1BASn-p8c

[Zero Liability]

Another from the same site.

[SantaClaus]

Another excellent article from Zero Hedge:

Why Nav Sarao Had To Be Destroyed: He Found A Way To Beat The HFTs At Their Own Game | Zero Hedge

Explains why the "little people" are not allowed to partake in games belonging to the elite, whether it's algo trading or tax avoidance.
Also explains what Nav did to avoid getting spoofed.

[Zero Liability]

That, plus not knowing anything about his mother, it's not really possible to pass comment. There are plenty of utterly terrible mothers out there.

Indeed. Its like tax avoidance. As long as the rich do it then fine. But when the poor start there is a clampdown.

Well that, and a good deal of know thy place, even for the rich, as Labour has demonstrated in spades. It's all good if you're a champagne socialist, though.

[SantaClaus]

You know the thing that got me most about this story?

He hid his money from his parents, so his mother had to work 2 jobs to support herself and his OAP father.

I can only think that this guy's brain was wired differently to most of ours. He didn't have a flash car, wore a tracksuit every day, visited strip clubs, didn't have a girlfriend.

Whilst he has become a day trader's hero - us against them sort of thing - I don't envy him.

[SueEllen]

You know the thing that got me most about this story?

He hid his money from his parents, so his mother had to work 2 jobs to support herself and his OAP father.

[BlasterBates]

More detailed info

http://www.justice.gov/sites/default..._complaint.pdf