This is a fall guy for the flash crash. Yeah, he was spoofing orders, but so were a bunch of other people. Read the SEC report on the flash crash.
Interestingly, he also lost his entire $50 million fortune to a bunch of terrible investments, including some downright frauds.
Related article (goes into details about how he lost his money): https://www.livemint.com/Money/TYUUtwYOj0VIPhFFyLICQM/How-fl...