Trader Charged for Alleged Key Role in 'Flash Crash'

April 22, 2015 2:46 AM

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(CHICAGO) — A multimillionaire futures trader accused of being a key figure in bringing on the 2010 “flash crash” — when the Dow Jones Industrial Average plunged 600 points in five minutes — was arrested in Great Britain Tuesday based on charges filed in Chicago.

Navinder Singh Sarao, 37, allegedly employed lightning-fast software to manipulate the market for E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange, according to a U.S. criminal complaint filed in February and unsealed Tuesday.

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