Flash trader is denied bail after High Court deems him flight risk
THE UK trader accused of contributing to the 2010 US “flash crash” lost a High Court bid to modify his £5m bail yesterday, despite revealing his assets had been frozen before bail conditions were set.
Navinder Sarao, 36, of Hounslow, has been in custody since 21 April because he has been unable to meet the bail conditions initially set at Westminster Magistrates Court. Last week he was granted legal aid on the grounds he was unable to fully finance his defence.
James Lewis, one of Sarao’s solicitors, told the High Court that the £5m his client had to find was “impossible, and therefore unlawful.” The defence said the bail conditions were set without full knowledge of Sarao’s financial situation, as these had been frozen by US authorities on the 17 April without his knowledge. Lewis claimed the £50,000 provided by Sarao’s parents was enough, adding it was “inconceivable” his client would let his family down by failing to appear.
Judge Cranston ruled Sarao still represented “a clear flight risk”, arguing that the £50,000 – compared with the $40m that US authorities claim he has – is “no assurance at all.”