Flash Crash Trader Pleads Guilty In 2010 Incident

Law360, Chicago (November 9, 2016, 4:27 PM EST) -- The U.K. futures trader charged with helping trigger the 2010 Wall Street "flash crash" pled guilty Wednesday in his first appearance in the Chicago-based federal court that charged him over a year ago.

Under the plea bargain agreement, prosecutors dropped 20 charges against Navinder Sarao and obtained his cooperation in an unspecified investigation.

Sarao, who lost a fight against extradition last month, pled guilty before U.S. District Judge Virginia Kendall to one count of wire fraud and one count of spoofing for placing sham bids on the Chicago Mercantile Exchange between 2009 and 2014. One such incident contributed to the "flash...

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