The trader accused of sparking the 2010 'Flash Crash' gets sentenced to house arrest after initially facing a max prison sentence of 380 years
The trader accused of sparking the 2010 'Flash Crash' gets sentenced to house arrest after initially facing a max prison sentence of 380 yearsAfter facing the threat of over three centuries in prison, Navinder Singh Sarao was sentenced Tuesday to time served plus a year of house arrest for his role in the 2010 flash crash.Federal authorities suggested the lenient sentence for Sarao previously this month.
Prosecutors say that Sarao, who traded from his bedroom at his parents' house in Hounslow, London, made about $12.8 million through trades that contributed to the May 2010 flash crash. That crash wiped out nearly $1 trillion from the market before it rebounded. Sarao is thought to have racked up $40 million from trading overall, though he later lost much of that money to fraud schemes himself, BBC reported.
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