Sarao Flash Crash Manipulation Case Benchmarks Point In History as Coscia Appeals Decision

As Navinder Sing Sarao arrived in Chicago to face market manipulation charges, the 37-year old UK resident accused of helping accelerate the 2010 flash crash who told regulators to “kiss my ass” after the event that briefly wiped out nearly $1 trillion in market value stands as a benchmark in financial history. Sarao was warned by regulators his behavior could be illegal and continued nonetheless. Not only does the case mark a point where deterrence was acknowledged as weak if non-existent, legal analysts point out, but it also highlights the rise of the whistleblower program as a new and cost-effective regulatory…