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How to make £30 million from your bedroom
- Thread starter LamieRobertson
- Start date
GingerBeerMan
3-0
- Dec 29, 2011
- 8,026
Poor lad, let's hope the law holds up:
"Under extradition arrangements with the US, the accused can only be extradited from England if what they are accused of is a crime under English law. There is no English crime of "spoofing"."
If he is extradited could he appeal to the European Court?
"Under extradition arrangements with the US, the accused can only be extradited from England if what they are accused of is a crime under English law. There is no English crime of "spoofing"."
If he is extradited could he appeal to the European Court?
Ron Manager
Oooh, wasn't it?
Superphil
Dismember
if the UK votes to leave the EU in a few months, how would that affect his appeal to the European Court?
Judge has ruled that he's to be extradited. Seems a load of shite to me.
The whole justice system is a load of hypocritical shite.
Creaky
Well-known member
It wouldn't - the ECHR is not an EU court.
GingerBeerMan
3-0
- Dec 29, 2011
- 8,026
Robots are programmed to make money out of absolutely nothing. This guy takes advantage of that without breaking UK law and is extradited. The DOJ love making examples out of lone wolves and rarely touch the people with money who do much worse. Look at Aaron Schwartz, made an example of and then killed himself, Clinton keeps top secret files on an unsecured network and nothing is going to happen..
OzMike
Well-known member
I wish that I was that clever, I would have called it a day at 10 million and retired.
KZNSeagull
Well-known member
So how come spoofing isn't illegal in the UK?
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,310
its a new thing, it wasnt a crime in US until a few years ago. he isnt being charged with that though, its good old fashioned fraud and market manipulation.
KZNSeagull
Well-known member
Where is the fraud though, if it is not the spoofing?
Saladpack Seagull
Just Shut Up and Paddle
This is a clever bloke. Don't hand him over to the Yanks; make him Chancellor of the Exchequer....
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,310
theres nothing illegal about dark pools, it only means trades are conducted privately, not on the public exchange.
do you know that he's done nothing wrong then? lets not assume that he's done nothing wrong based on the briefing in the press from his defense lawyers, all we know for sure is that he was carrying out high frequency trading, the legality of the actions is up for debate (or trial).
Well I didn't watch the trial, but I read what was in the media, which wasn't just what his lawyers said. He's been accused of spoofing, but that's not a crime here, so he can't be extradited for it. So the US have come up with the idea that he materially contributed to a market crash, which wiped nearly a trillion dollars of value off the market, which sounds quite unbelievable. Particularly since the US regulator already concluded that the crash was because of a US hedge fund.
So he's being extradited for a crime he didn't commit, so that he can be tried for a crime that doesn't exist in UK law.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,310
appears you very much have read what his lawyers are saying. if it was a simple as that the court would have thrown out the extradition as it wouldn't have any basis. he is wanted for charges of wire fraud and market manipulation. spoofing is a method of doing that, and has been made a specific crime in the US, but the methods are immaterial to the act itself. the link to the flash crash is background for the story, but they have apparently 400 instances to go by (hence running up a £30 profit), the case does not rely on one event. though no doubt he is being made an example of by the US, because this is probably going on all the time.
Fair enough.