navinder sarao appeared in a london court today. million in the scam and made 1/5 of the sell orders during the flash crash. ryan chilcote was in west london at the home of navinder sarao. set the scene for us at his home. what do we know about this man? ryan: let me to you this neighborhood is perhaps best known for being directly beneath the flight path to heathrow airport. it is one of the world's busiest sea can imagine and there we have the plane on cue just how loud and noisy it is. not the place you would expect to find a highflying traiader. navinder sarao operated out of his family home across the street where the media has gathered out in front. on may 6, 2010, the day of the flash crash, he was employing illegal trading strategies that got him a lot of profit. it actually began in 2009 and carried all the way through to 2014 winning him about $40 million. pretty hard for people in this neighborhood to get their head around. this is a working-class neighborhood and many of the people know his family. a very close-knit fami

prosecutors say navinder sarao was engaged in illegal trading.y say that he was doing something called spoof and layering, or putting in trades orders with no intention to actually fill them and can't slay them -- and canceling them in order to push prices in a direction that is advantageous to his trading strategy. it is a legal -- it is illegal. they've accused him of market manipulation fraud and wire fraud and they say that all begin in 2009, right out of his own home in west london. we are in a working-class neighborhood. it is about 11 miles from the city center and the financial district. not exactly the place that you would expect a day trader to cause what effectively was a global crash, even though it was called the flash crash and only lasted a few minutes. that is what they said happened on may 6, 2010. they say they put in a total of 19,000 orders, $200 million worth of bets and personally was responsible for about 1/5 of the sell orders on that day. that caused a market imbalance and it was that market imbalance that led to a plumme

ryan: we are on futex's trading floor, where navinder sarao worked. he spent the better part of his 20's here. this is where he learned the abcs of training and honed his skills. important to note is the period after he worked here. specifically 2010 and the flash crash. that has captured the attention of u.s. prosecutors. futex has not been accused of any wrongdoing. no one thinks that he did anything wrong while he was working here. i sat down with the chairman of futex, the cofounder of this firm. even though it was seven years since no vendor worked here, it is pretty clear. almost as if he was here just yesterday. in terms of his trading prowess still commands a lot of respect here at futex. have a listen. >> it can go one of two ways. if he's found innocent of the allegations, then he will be the world superstar trader the most famous trader in the world. if he's found guilty he will become just another infamous traitor. ryan: he was telling me that if you want to be a trader at futex, you are tested on three trades. one is math, another is psyc

his name is navinder sarao he has been charged with unlawfully manipulating, intending to manipulate, and spoofing, especially the s&p e-mini's contract. what do spoofing mean? he sent a flood of substantially sized orders that were significantly different for the asking price, they were sell orders in this case. and that he canceled on the last moment so that market participants could see that someone was putting in these big sell orders, it looks like that created the market imbalance that then led to the flash crash. the cftc is saying he didn't single-handedly cause it, but that he significantly contributed to it. i have been going through this multiple page, 30 page or so document and complaint, the civil complaint, by the way from the cftc and in the criminal complaint. this individual has been arrested in london. in relation to these charges. * -- mark: we were on the air at the time, we saw the precipitous drop in the markets. five years, why has it taken so long to assign blame? julie: it was a point of confusion. we didn't know if it was a hacking incident, a market failure

his name is navinder singh sarao. a court granted him conditional bail is required to post 8 million dollars. that's his bail. joining me on the phone to discuss the arrest. former commissioner on the united states commodities futures trading commission. bart chilton. great to have you on the phone with us. >> great to be with you, as always. liz: this guy says the cme and regulators can kiss my you know what? he is flouting the charges here, we know that the cme sent an e-mail the day of the flash crash saying no spoofing. we've got your number, and yet it took five years. number one, why did it take five years? number two, did one guy really cause a flash crash? >> well, on the timing, he started doing this, according to the complaint, the d.o.j. complaint in 2009, and he did it for five years. there are actually 400 trading days d.o.j. alleges that he did. this and the most significant was may 6, 2010. but looking at 400 trading days takes a long time, because there's thousands of trades on each one of those 400 tr

the charges against sarao have shed light on a little-known trading technique called spoofing. ♪ matt: you may have heard that a trader named navinderested in london form and u.s. futures. his spoofing contributed to the may 2010 flash crash. what is he accused of doing? spoofing or layering, involves putting in fake electronic orders in an effort to move price. a spoofer might put in an order to sell a lot of futures in order to buy them. people will think they are going to dump futures and will rush to sell. he will never execute and will start buying contracts and then he can repeat the process in reverse. pretend he wants to buy a lot of futures and then he can sell a profit. prosecutors say that on the day of the flash crash, he did exactly that netting $800,000 worth of profit in one day. you wonder why it took so long for authorities to catch on, because they say he did it many other times in those five years. francine: coming up next, we speak to the ceo of ericsson hans vestberg. guy: the margin number was a little soft. we will find out what his next for his business. ♪ francine: welcome back to "the pulse." guy: ericsson

>>> plus just over a week ago that gentleman right there, navinder sarao was arrested in london, accusedcontribute together flash crash of 2010. we'll talk to his former employer in just a moment. stocks are at session lows, the dow under 18,000, down 125 points. the nasdaq and s&p following suit. health tear, technology among the laggards. there's a difference when you trade with fidelity. one you won't find anywhere else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade, we looked for the best price, and the trade went through. do the other guys guarantee that? didn't think so. open an account and find more of the expertise you need to be a better investor. if you're looking for a car that drives you... ...and takes the wheel right from your very hands... ...this isn't that car. the first and only car with direct adaptive steering. ♪ the 328 horsepower q50, from infiniti. >>> welcome back. four trades on four stocks. go pro beating across the board. margins, they beat on earnings. >> haters keep getting run over and the stock is moving to the upsid

navinder singh sarao was arrested in the u.k.cing charges of commodities fraud, and spoofing. the u.s. is seeking his extradition. the flash crash occurred in 2010 when the dow jones plunged 1000 points in just minutes before recovering some of its losses. democratic senators al franken elizabeth warren, and for more are asking federal regulators to lock comcast's proposed purchase of time warner cable. in a letter to the justice department, the lawmakers say the merger would lead to higher prices and fewer choices for consumers. antitrust regulars are meeting with executives both companies tomorrow. the chipmaker arm holdings says first-quarter sales rose 22% but revenues from licensing were up just 3% as it dealt with an order backlog. here is the company's ceo. >> our forecast for licensing growth in the medium-term is a 5% to 10% -- that's going to be \5% to 10% -- that's going to be higher in some quarters and lower and others. i'm not at all worried about a slide a bit year on year because it's becoming such a high pace. em

we're live as navinder sarao's home after he was granted five million pound bail.elcome to "countdown." i'm mark barton. anna: we'll take a look at how the video giant went from these new clips to a global phenomenon. but there's one official network that has surpassed youtube in individual joe views in the u.s. and that's facebook. we break down facebook's first quarter and talk all things tech. manus: more evidence of a slowdown in china as factory sentiment forced to its lowest level in a year. hsbc's flash p.m.i. for april came in at 49.2. marking a further contraction. for a little bit more let's go to hong kong and talk to zab eckert. zab, this is a flash reading. but this almost vindicates what the central bank had been up to recently in terms of reducing the amount of capital the banks have to hold. zab: yeah. absolutely. and we have seen actions such as that even this week with the reserve ratio move. the reserve ratio cut that we saw on monday. and there is the expectation that this willatest manufacturing number with the lowest level in 12 months. it sug

prosecutors said navinder singh sarao artificially moved prices.f manipulating markets over a four-year timeframe and making $40 million in profits. and republicans say they are not playing profit -- playing politics, but need more time to investigate hillary clinton's response in the deadly attack on the embassy in benghazi. the full report will not come out until 2016. republicans blamed democrats for dragging their feet. some democrats believe it is a maneuver to hurt clinton's presidential chances. brendan: in baltimore, a man's death after arrest by police. freddie gray's spine was severely injured. meanwhile until sigma volunteer deputy who is accused -- meanwhile in tolls, a volunteer deputy who was accused of killing a black man is off to the bahamas on vacation. and the national hockey league is cracking down. reporters covering nhl playoffs have been using periscopes to stream live before and after the game. the league says it has to stop dreaming. it violates the nhl broadcast rules. besides now nhl has its own bears go channel. tom: i'm

. >> before leaving the westminster magistrate court navinder singh sarao was put on bell with the condition of 5 million pounds for security. he said he would fight the attempt to extradite him. bbc news. katty: you are watching "bbc world news america". still to come on the program the garment factory in bangladesh two years after the accident bbc news is investigating if anything changed. the first images have been released of a vault in the georgia state -- vault and the jewelry district that was broken into over holiday weekend. the security boxes stolen contained jewelry and diamonds worth millions. the vault was covered with debris and string with power tools. >> this is the hole drilled through half a meter of concrete that the jewel thieves made to enter the vault. it was next to the huge metal security door. simply by passing it. allowing them to take millions of pounds of diamonds jewelry and cash. detectives believe the thieves entered the building through the side door. made their way to the second floor where they disabled the lift and climbed to the basement where the safe dep

the british authorities arrested navinder singh sarao the charges at the request of the u.s. over allegations he manipulated the u.s. stock market, including an event in may known as the flash crash when the main index fell 600 point in five minutes. the army in south africa is deploying in areas hit by a wave of violence against immigrants from elsewhere in africa. soldiers are patrolling part of the provinces, including the ball is -- including the township of alexandria in johannesburg. a boat capsized off the coast of greece and they are telling halloween stories of their time at sea in the hand of people smugglers. sergeants are trying to crack down on the sergeants. -- the captain has been charged with reckless multiple homicide. we begin with damian grammaticas with a survivor story. damian: it is the roll of the survivors. 90 from one boat. syrians, iraqis, and palestinians. yesterday i came close to drowning on your's sure. the boat smashed on the rocks on the island of rhodes. one mother and her child from eritrea were drowned along with the syrian men. today, moham

prosecutors say navinder singh sarao flooded the market with speculative trade orders. the u.s.sted his extradition. >>> google is expected to launch its own services. it's expected to allow customers to pay only for the data they use. it would also allow users to route calls through wi-fi, reducing the costs. >>> and actor ben affleck expressed regret asking producers of "finding your roots" to leave out a slave owning ancestor. in a facebook post last night, affleck wrote, quote i didn't want any show about my family to include a guy who owned slaves. i was embarrassed. it was following an e-mail between the show's host and producer. that e-mail was leaked as part of the massive sony picture's cyber attack. pbs has launched an internal review. alison? >> jill wagner at the new york stock exchange. thank you, jill. >>> and when we return the nfl inches toward a return to los angeles, and a giant gem sells at auction. we'll tell you how much someone paid for this flawless diamond ahead on the "cbs morning news." ne paid for this flawless diamond ahead on the "cbs morning news."

don thompson and replaced him with navinder singh sarao, the head of mcdonald's europe who promised a turnaround. >> what we recognized is the pace of change outside of mcdonald's has been a little quicker than the pace of change within. we have run this effort a sense of urgency and purpose to make the meaningful changes customers care about. >> reporter: easterbrook said mcdonald's will announce its turnaround plan may 4. that gave the stock a 3% bump today. but analysts say it will take a year or more for that plan to have any impact. >> pelley: anthony mason thank you very much. anthony. dr. oz answers critics who say his tv show promotes quack medicine. new photos reveal the anatomy of a major jewel heist. and a 102-year-old dancer sees her prime for the first time when the cbs evening news continues. allergies can distract you. so when your symptoms start, doctors recommend taking non-drowsy claritin every day of your allergy season. with claritin, you get powerful, non-drowsy relief 24 hours a day, day after day. which is important because with fewer symptoms to distract you yo

navinder sarao is sitting on a $40 million fortune.orts in london said he was so secretive about what he did, his mother did not know he made to much money. he has been granted bail but he cannot leave jail until he comes up with $7.5 million. goldman sachs wants to raise a $3 billion funded to invest in infrastructure. this fund would buy assets including airports, water networks, and toll roads. investors have been turning more to and for such a because of consistent returns as well as the opportunity to hedge against inflation. it is up and away for the ceo of aramark. this meant a hundred thousand dollars last year flying around the ceo, the largest monitor air travel among the nations top 100 paid executives. he was paid almost $34 million. internal auditors monitor how the ceo travels. stephanie: that is a lot of money. is there a new era of good feelings on capitol hill? democrats and republicans worked together to fix an important part of medicare last week. mitch mcconnell finally agreed to hold a confirmation vote for the pre

julie: the man who was arrested as navinder sarao. he was arrested in the u.k., and he is a resident of that country. the department of justice is working out extradition. he has been charged with wire fraud, commodities fraud, commodities manipulation, and what is called spoofing. that would be to bid or offer with the intent to cancel the bid before execution. in other words, he was trading in e-minis contracts, mimicking the s&p 500, but he would put in many, many different bids that would be relatively far from the asking price to sort of game the market and cancel them before they were executed, in the meantime trading other trades in order to profit from what other people were seeing in the books. yes, it is a little bit complicated here. to look at some of the details from the complaint sort of illuminates what exactly he was trying to do. first of all, he had bought an over-the-counter software system, ordering system, to place these orders, and he wanted to have that modified to include a cancel if close function. in other wo

ryan: his name is navinder singh sarao. we got the criminal complaint yesterday, the affidavit.ars old and he is from this somewhat quite neighborhood in the west of london. i say somewhat because it depends on whether the planes are flying overhead. we are directly beneath the flying path of london's heathrow airport. it is not the most expensive place to buy a home because of that reason. we're also next to a noisy highway. it is from this street in his home that u.s. prosecutors say he engaged in illegal trading activity beginning in 2009 and significantly contribute in to the market crash, the so-called flash crash on may 6, 2010. interesting. we are 11 miles from the financial district, perhaps not the place where you would expect a lone daytrader could cause a global stock market crash albeit one that only lasted for a few minutes. they say that on that particular day navinder singh sarao placed 9000 orders to the tune of 2000 pounds of debt. he illegally gained $900000 on that day and in his five-year tenure of a legal training -- of illegal trading, they say he made as m

navinder singh sarao has not come up with bail.the future holds for sarao. >> it can go one of two ways. if he is found innocent, he will be the world's superstar trader. the most famous trader in the world. if he's found guilty he will become another infamous trader. olivia: we've been learning about sarao. in an e-mail last year to british regulators, he defended his success as the benefit of a quick mind. brendan: another ice cream maker recalling its products after potentially deadly listeria was discovered. jenny's ice cream is closing its shops. the columbus, ohio-based firm sells ice cream in whole foods and target. blue bell recalled products three people died after eating bluebell ice cream contaminated with listeria. a struggling teen retailer, abercrombie and fitch saying bye-bye beefcake. olivia: quite a video clip. brendan: no longer featuring male models with ripped ads. doing away with the policy for employees. you do not have to be good-looking to work there. rules on makeup and jewelry have been eased. getting rid

navinder singh sarao is accused of illegal bait and switch practices to manipulate the market.nd commodities charges were filed i the u.s. justice department. they are seeking his extradition. bill gross says the 10 year german bond is the short of a lifetime.

navinder singh sarao was ordered to live at his parents house and cannot use the internet or a phoneet access. he's charged with sending the dow jones industrials on a wild ride in 2010. prosecutors say used an illegal method to artificially move prices. u.s. officials want him extradited to face charges in america. and the trust regulators have gas prominent their sites. the russian company may have imposed unfair prices by preventing gas from flowing from certain european countries. >> at this stage, all roads are open. full's -- first, and that is very important, we would like gazprom to come to the eso, but we would like to get in touch with the people responsible. erik: gazprom expects it will be a solution with the help of the russian government. apple is ramping up its lobbying efforts in washington -- the amount they spent on lobbying rose 15%. apple lobbyists are focused on mobile payments and consumer privacy. but that costs are just a fraction of google's -- google spent more than $5 million on lobbying in the last quarter. stephanie: a london court granted bail to a briti

extradition to the united states and the story starts in a modest suburb of west london where navinder singh sarao shook wall street to its core. he's charged with ten counts of commodities fraud, ten counts of commodities manipulation, and one count of spoofing. he put in an order for trades and then transferred it to shake up the market. prosecutors say it's illegal. he did this 19 times causing the dow jones to plummet. an analyst we spoke to this morning says if this wasn't illegal some investment bank ought to hire this guy because he's making far more than your average broker. he's a bit of a smart aleck. he allegedly bragged to friends that he told regulators to kiss his -- butt. jeff? >> okay, thank you. a congressional committee blasted michelle leonhart. she retires next month. >>> a potentially life-saving test for breast canand ovarian cancer is up this morning. our d.c.r. holly phillips is at the tachblt good morning. >> good morning. >> it sounds incredibly exciting. >> they use a swab of saliva. you can mail it in. your doctor can order the test or your doctor can provide it for you