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News |  27 Feb 2020 19:01 |  By RnMTeam

Dev Patel to Star in the film Flash Crash

The British-Indian Actor has been announced to star in the movie adaptation of the book, “Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History.” By Liam Vaughn, the book is to be released in May 2020.

The movie will follow the story behind Navinder Singh Sarao, “A brilliant outsider” who found the way to beat the stock market (on his favor). Narrating how he made millions in profit working from a bedroom in his parents’ home on the outskirts of London. Being targeted by the US for a US$1 Trillion market drop. As was unveiled by Heyuguys.com

The rights to the movie were bought by See-Saw Films and New Regency. The chosen one to adapt the screenplay is 2016 Miss Sloane’s Jonathan Perera. Iain Canning and Emile Sherman from See-Saw (producers of the 2011 Best Picture Academy Award-winning film King’s Speech), alongside Arnon Milchan (producer and executive producer of films like Fight Club, 12 Year a Slave, among many others).

Canning and Sherman released the following statement. “Navinder Sarao’s story struck us deeply. He’s an unlikely but also a complex hero who exposed the manipulations at the heart of the global financial system…

WHAT HAPPENED?

To not go into too much technical talk, during 2010 there was a crash that lasted 36 minutes and made many stock indices collapse, reduce their worth and price, and then get them back in a few minutes. After 5 years, the US Department of Justice revealed “there were at least 22 criminal accounts, including fraud and market manipulation”, quoting this Bloomberg report.

In said investigation, hints were displayed pointing towards Sarao, saying that he “… Allegedly used an automated program to generate large sell orders, pushing down prices, which he then canceled to buy at the lower market prices…He then canceled those trades and bought the contracts at the lower prices to benefit when the market recovered…”  Said the authorities.

This caused The Commodity Futures Trading Commission filed civil charges against him, as reported by Reuters. The US Department of Justice also criminally charged Navinder Sarao, of Wired Fraud, Commodities fraud, and manipulation.

He was arrested in April, and in August was released after bailing out for $50.000. but the price of the bail was established at 50 million pounds, cut down to the amount paid when Sarao’s lawyers argued that all his assets were frozen and in the hands of the authorities.

According to the New York Times, he and his company allegedly made around US$40 million in profit for trading, doing what it’s known as spoofing. In 2017 his lawyers found that he had lost the fortune made. And by the beginning of 2020, Sarao was spared of doing jail time, as he was continuously cooperating with the authorities.

DEV PATEL

The 30-year-old actor will star in the movie as well as participate as an executive producer. His career both in front and behind the cameras has been, to say the least interesting, being one of the leads in the British teen drama series Skins for the first 2 seasons.

He then went on to be the lead in Slumdog Millionaire (2008) winning 8 out of 10 nominations during the 2009 Academy Awards. And winning 7 out of 11 nominations during the BAFTAs that same year, although Patel did not win for Best Leading Actor in neither ceremony.

He was nominated to another Academy Award as Best Supporting Actor in 2017 for his work in Lion. And in 2019 portrayed David Copperfield in Armando Iannucci’s adaptation of Charles Dickens’ “The Personal History of David Copperfield”. We are all waiting,and people are as excited for this as the golf betting enthusiasts are for the British Open to start.

We cannot wait to see what this new production has for us and we are sure Dev will deliver.