2010 Flash Crash — how Navinder Sarao spoofed E-mini S&P futures

May 6, 2010, the stock market fell 9% in five minutes. $1 trillion wiped out. Around about 30 minutes later, it recovered almost all of it back. So everybody's like, wait, what the f**k just happened? It took a while, and investigators traced it back to a bedroom. And the guy's name, Navinder Sarrao, it turns out that this kid used a single program on his home computer. And basically what he did was he was manipulating the mini-futures of the S&P 500. And he had this program that was sending out all of these cells, massive cell orders. He was representing 20% of the cell side orders. And he would send all these orders out and then immediately cancel or modify them. So what did it do? Well, all the algo trading bots and all the automated bots for all the hedge funds, firms, and banks started picking this up. And they started seeing this massive amount of cell orders coming in. And so it tricked all of the bots into selling, which then caused other bots to sell. And the capitulation happened. And immediately, as soon as the market opened right that morning, the stock market fell 9%. He ended up making over $40 million doing this for several years. He got greedy. So he makes $40 million. They trace it back to him, and they go to recover the money. Well, what happens? Well, he had already given most of the money away. So they go to charge him. They couldn't, because a lot of this was a failure on the other side of these banks to not have these protections in place. Took him…