Alleged flash crash trader back in court after bail goes unpaid
THE BRITISH day trader who allegedly sparked the 2010 US flash crash will appear in court again this morning after he failed to stump up the £5m bail needed to be freed from custody.
Navinder Sarao, a 36-year old trader from Hounslow, has been in police custody since his arrest on 21 April, despite a judge agreeing to free him on £5m bail at a hearing in London a week ago.
Sarao will appear at Westminster Magistrates’ Court this morning to discuss his bail situation.
The US is trying extradite him to face trial on 22 trading-related charges in an Illinois court.
He is fighting extradition. The low profile trader, who had a company Nav Sarao Futures registered to his parents’ home in Hounslow, faces a maximum sentence of 380 years in prison if convicted on all charges.
Prosecutors say he made $40m from spoof trading. He has not yet responded to the allegations.