Evil Knievil: Lawyers go a-spoofing yet again

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Evil Knievil: Lawyers go a-spoofing yet again
Master Investor Magazine

Master Investor Magazine Issue 58

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When Navindar Sarao, The Hound of Hounslow and now 41 years old, was originally framed by the US authorities for “spoofing” when inputting bids and offers, I felt sorry for him since there cannot possibly be any sensible law against such practice. Spoofing has been a feature of stock markets for centuries. And will always be.

However, to get him to be extradited required UK law to ban spoofing. Otherwise, a US application to extradite the suspect could not succeed.

I have no idea whether spoofing is covered under UK law but presume that it is given the overriding extradition law requirement. That noted, I doubt if spoofing is covered using that word in the legislation. So, whatever it is that our crazed regulators have devised took Mr Sarao to the US.

Thankfully, the judge in the US is not a halfwit and sentenced Mr Narao to staying in his bedroom in Hounslow for a year. Or something comparably ridiculous.

The authorities should think carefully about enforcing all this drivel. For the effect of such enforcement is to cause contempt for the law.

*****

Meanwhile Beximco Pharma (LON:BXP) has yet again come up with terrific figures and remains a stonking buy at 43p.

*****

Finally, I have had a most frustrating time in gold but have re-entered at $1,570. Long term, it should be impossible to lose.

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