DOJ Urges Victims of Future Trader’s Schemes to Submit Statements by July 16

10ztalk Viral aggregator
https://www.cryptovibes.com/fx-industry/doj-urges-victims-of-future-trad...
The US Department of Justice (DoJ) is urging the victims of former future trader Navinder Sarao to submit their statements to the agency by July 16.
Taking action after the Court’s consent
A US court recently consented to use an alternative notification procedure related to the victims of financial crimes committed by former futures trader Navinder Singh Sarao. He was accused of spoofing by the authorities and has already pleaded guilty to one count of wire fraud. Mr. Sarao pleaded guilty to one count of spoofing.

The authorities are now addressing the victims of Sarao. The DoJ webpage dedicated to this case is now informing the victims to submit the “victim impact statements”.
The DoJ writes,
“If you would like to submit a Victim Impact Statement, you may do so by mailing the Victim Impact Statement to Victim Witness Unit, U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 4416, Washington, DC 20530. You also may submit the Victim Impact Statement via email at VictimAssistance.fraud@usdoj.gov or by fax at (202) 514-3708”.
These statements must be submitted by July 16, 2019.
How did Sarao defraud users?
In November 2016, Hounslow, United Kingdom-based Sarao pleaded guilty to one count of wire fraud and one count of spoofing. Presented before the US District Judge Virginia M. Kendall of the Northern District of Illinois, he admitted that between January 2009 and April 2014, he defrauded several investors. He used automated trading programs to manipulate futures contracts via the Chicago Mercantile Exchange (CME). It included E-mini Standard & Poor’s (S&P) 500 futures contracts as well.
Sarao said that he placed thousands of spoof orders (orders that he did not want to trade) to up the demand falsely and induce other participants in the market to trade in the E-minis at prices or quantities that they wouldn’t have otherwise traded if Sarao’s fake orders were not present. Sarao said that he was able to make market participants buy or sell e-minis on thousands of instances because of the spoof orders he placed. Sarao intended to artificially depress or inflate the prices of the e-minis using his spoof orders.
Sarao noted that when the market started reacting to his orders, he would place, genuine orders to buy at artificially low prices and sell at artificially high prices. He also admitted having gained significant profits from these trades. He is estimated to have made at least $12.8 million via spoof orders.