Speed trader arrested in UK over role in 2010 US 'flash crash'
He had used automated programs to execute his scheme
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Washington
A HIGH-FREQUENCY trader was arrested in the UK over his alleged role in the May 2010 "flash crash" that briefly wiped out nearly US$1 trillion in market capitalisation, the first time the authorities have blamed manipulation for the market turbulence.
Navinder Singh Sarao, 36, of Hounslow, a suburb of London, was criminally charged with wire fraud, commodities fraud and manipulation, the US Department of Justice (DOJ) said on Tuesday.
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