A trader crashed the Dow from his parents' bedroom, the market lost $1 trillion in minutes May 6, 2010, Navinder Sarao is sitting in his childhood room in Hounslow, west London He traded E-mini S&P 500 futures on the CME, placing hundreds of large sell orders he never intended to fill Cancel, replace, cancel, replace before anyone could execute That's spoofing That afternoon the Dow dropped 998 points, $1 trillion in market value disappeared The DOJ charged him for it, economists still argue whether he caused it or just lit the fuse Sarao made $879,018 that day, over six years roughly $50 million total He never moved out Five years later he was arrested at his parents' front door, faced up to 380 years in prison Nearly all the money was gone he'd wired tens of millions to con men promising risk-free returns The trader who spoofed the world's biggest market got taken by the world's oldest scam The judge gave him no prison time, one year home confinement at his parents' house // JPMorgan paid $920 million in fines for doing what Sarao did from a bedroom Same spoofing, precious metals and Treasuries, for years It took the feds five years to find one guy spoofing from Hounslow On Polymarket his wallet would've been public from the first order Follow & watch 24 minute clip below from Bloomberg's full documentary on how one bedroom trader broke the world's biggest market ↓
