Ex-SEC Chairman Pitt says chances 'high' for another 'flash crash'

Flash crash could happen again: Pitt

It's been five years since the "flash crash" wiped out trillions of dollars in a matter of minutes. But despite a slew of new regulatory measures designed to prevent such an incident from occurring again, a former head of the SEC said the chances of another "flash crash" happening again are quite "high."

On Tuesday's "Fast Money," Harvey Pitt , a former chairman of the agency and current CEO of Kalorama Partners, said existing regulations don't go far enough in protecting market participants from another sudden market drop. Specifically, Pitt said he was troubled by the fact that officials are now laying a big part of the blame for the crash on a single rogue trader.

"We're not safer if you think a single trader could cause this kind of problem," said Pitt.