‘Flash crash’ trader stays in jail

Published: Wednesday 29th April 2015 by The News Editor

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A British financial trader accused of helping trigger a multi-billion dollar US stock market crash from his London home has been remanded in custody and granted another week to raise £5 million in bail.

Navinder Singh Sarao, 36, who is fighting extradition to the US, was further detained after he was unable to provide the full amount again when he appeared at Westminster Magistrates’ Court.

The court was told bail conditions had not yet been met and District Judge Jeremy Coleman gave him another seven days to raise the sum.

Sarao was held at the request of US authorities over allegations he helped cause the 2010 Wall Street “Flash Crash” from his parents’ home 3,500 miles away in Hounslow, west London.

The former bank worker and Brunel University student was granted bail at a hearing last week but was told he would not be released until he had provided security of £5 million and £50,000 from his parents, as well as meeting other conditions.

The court heard last week that Sarao has £5 million in his trading account, of which £4.7 million is a loan. But he was brought back to court today after failing to come up with the bail money.

Wearing a grey tracksuit, he spoke only to confirm his address and date of birth. His defence lawyer, Joel Smith, asked the court to grant a seven-day bail extension.

He said: “Bail was granted last week at an initial hearing subject to conditions. Those conditions have not been met.”

Allowing Sarao more time to come up with the bail money, Judge Coleman told him: “So you were granted bail on the last occasion. You have not met the conditions of bail as yet.

“I re-bail you on exactly the same conditions as before. If you meet the conditions you will be released. If you don’t meet the conditions you will be back here on May 6.”

The court also set an extradition hearing date for September 24.

Published: Wednesday 29th April 2015 by The News Editor

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