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US prosecutors recommend no jail time for Britain's flash crash trader

Jan 16, 2020 - City A.M.

US PROSECUTORS have said that the British trader linked to the so-called flash crash in 2010 should not receive any additional jail time.

Navinder Singh Sarao pleaded guilty to spoofing and wire fraud in 2016 for his role in the crash of 6 May 2010, when markets dropped five per cent in five minutes.

But in a court memo filed late on Tuesday, the US government said Sarao should not serve more jail time due to his "extraordinary cooperation" with its crackdown on market abuse.