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PHOENIX (AP) — A law enforcement officer provided a glimpse into Sheriff Joe Arpaio's office during a contempt-of-court hearing in which the officer says the sheriff was to blame for ignoring a 2011 order that barred his immigration patrols.
A high-frequency trader was arrested in London over his alleged role in the May 2010 "flash crash" that briefly wiped out nearly $1 trillion in market value, the first time authorities have blamed manipulation for the turbulence. The U.S. Justice Department said on Tuesday that it had criminally charged Navinder Singh Sarao, 36, of London, with wire fraud, commodities fraud and manipulation. "His conduct was at least significantly responsible for the order imbalance that in turn was one of the conditions that led to the flash crash," said Aitan Goelman, head of enforcement at the Commodity Futures Trading Commission, which filed parallel civil charges against Sarao on Tuesday. The case marks the first time U.S. regulators have alleged that market manipulation played a role in the flash crash, in which the Dow Jones Industrial Average plunged more than 1,000 points before recovering somewhat toward the end of trading.