A futures trader accused by US authorities of contributing to the huge crash in the US stock market in 2010 known as the ‘flash crash’, wiping billions off US companies’ share prices, appeared in the Westminster Magistrates’ Court on Wednesday.
Trader Navinder Singh Sarao, 36, who opposed his extradition to the United States to face trial in an Illinois court, was granted a conditional bail of £5.05 million. Sarao must provide £5 million – the amount he has in his trading account – himself, with his parents obliged to pay a security of £50,000. They would lose that if he failed to comply with his bail conditions without good cause.
The trader was arrested on Tuesday as the US Department of Justice (DoJ) charged him for wire fraud, commodities fraud and manipulation, and one count of ‘spoofing’—when a trader places a bid or offer with the intent of canceling it before execution.