Hounslow trader accused of US flash crash remains in custody

 
Michael Bow
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THE TRADER accused of sparking the 2010 US flash crash remained in custody yesterday afternoon as he fights extradition to the US.

Navinder Singh Sarao, who is accused of making £26.5m by manipulating the US derivatives market, must put up £5m in bail but remains in custody while the agreement is signed off. US authorities are seeking to extradite the Hounslow man to face trial in Illinois on 22 criminal charges. Sarao is fighting extradition.

A magistrates hearing on Wednesday heard how Sarao had £5m held in a trading account, £4.7m of which was a loan, leading to speculation this would form part of the bail money.

Documents filed by US prosecutors allege Sarao set up two entities in Nevis and Anguilla to avoid tax and “protect” the £26.5m they allege he made. Sarao has not yet addressed any of the charges.

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