Navinder Singh Sarao fights US extradition on charges over 2010 “flash crash”
The British trader accused of causing the 2010 US Flash Crash is fighting his extradition to the US, as prosecutors at Westminster Magistrates Court argued he should be denied bail on the basis he may runaway.
Navinder Singh Sarao, who ran a small futures trading company called Nav Sarao Futures based in Hounslow, is charged with several counts of commodities fraud, manipulation and spoofing.
US authorities are trying to extradite him to face trial in Illinois.
Prosecutor Aaron Watkins said Sarao, who appeared in court wearing a orange jumper, should be denied bail due to the risk of absconding. The court is due to reconvene at 2pm when bail will be decided.
Sarao faces one count of wire fraud, 10 counts of commodities fraud, 10 counts of manipulation and one count of spoofing.
Sarao appeared meek in court and was told to speak up by the judge Quentin Purdy on a number of occasions.