4 ms·
I'm surprised this article doesn't mention the lengths he went to hide his money using shell companies. Makes me question the "he regarded trading as a video ga
by jb775 7y ago
I'm surprised this article doesn't mention the lengths he went to hide his money using shell companies. Makes me question the "he regarded trading as a video game in which the object was to compile points not money" narrative. (on the flipside, if I ever get arrested for manipulating markets, I'm hiring this guy's lawyer)
Per the official criminal complaint document:
Around the time of the Flash Crash, SARAO took significant steps to protect his assets. In late April 2010, SARAO established a new entity, Nav Sarao Milking Markets Limited, which was incorporated in Nevis. SARAO appears to have created this company as part of a tax avoidance strategy pursuant to which he also established, in 2012, International Guarantee Corporation, incorporated in Anguilla.[1]
[1] https://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/04/21/sarao_criminal_complaint.pdf https://www.justice.gov/sites/default/files/opa/press-releas...
- jedberg 7y ago> SARAO appears to have created this company as part of a tax avoidance strategy This fits with the description of getting more points. After he got the points, he wanted to keep more of them, so he figured out a way to do that.
- edm0nd 7y ago>Makes me question the "he regarded trading as a video game in which the object was to compile points not money" narrative. Yeah that is 100% lawyer speak haha. Smart move tbqh.
- crazypyro 7y agoHe was trying to minimize his tax bill. He hired a tax consultant who ended up being fraudulent. This same consultant also introduced him to other fraudsters who extracted money from Sarao.