Just how big a role he played has been hotly debated since the federal complaint was unsealed earlier this week, but the idea that a little-known investor had even a small part is deeply troubling, say traders and market experts. In an age of rapidly advancing computer power, the fear is that it's not just big banks and hedge funds that can create chaos on exchanges and wipe out the savings of millions of ordinary investors. "The risks are coming from the small guys who are under the radar," says Irene Aldridge, managing partner of research firm ABLE Alpha Trading and an expert in the kind of high-speed computerized trading that Sarao did. Sarao allegedly employed a ruse called spoofing, a bluffing technique in which traders try to manipulate the price of stocks or other assets by making fake trades to create the impression they want to sell when they really want to buy, or vice versa. Eric Scott Hunsader, founder of Nanex, a provider of financial data that has documented what it claims are cases of blatant spoofing, says the practice is widespread — in stocks and bonds, oil and gold, cotton and coffee. A key to spoofing is placing large orders to sell or buy without ever executing them. Since other traders can see your orders, a large one to sell might convince them prices are likely to head down. Using computers to sift through news articles, social media feeds and other data in split seconds, these firms are able to snatch tiny, fleeting profits that mere mortals can't spot. [...] Narang wonders if Sarao played much of a role at all in the flash crash.