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| 'Flash crash' trader fails to postpone extradition hearing | 'Flash crash' trader fails to postpone extradition hearing |
| (34 minutes later) | |
| Navinder Singh Sarao, the British trader accused of contributing to a so-called flash crash in US financial markets, has failed to postpone his extradition hearing. | |
| Lawyers acting for Sarao wanted to delay the hearing, scheduled for late September, to have more time to build their defence. | Lawyers acting for Sarao wanted to delay the hearing, scheduled for late September, to have more time to build their defence. |
| James Lewis QC, representing Sarao, said the US needed to explain its case against the trader and that he needed to speak to a financial expert. Sarao has not had adequate time to prepare, Lewis added. | |
| However, Aaron Watkins, representing US judicial authorities, said a delay to the hearing would be unsatisfactory, given that September would already be five months after Sarao was first arrested. | However, Aaron Watkins, representing US judicial authorities, said a delay to the hearing would be unsatisfactory, given that September would already be five months after Sarao was first arrested. |
| District judge Quentin Purdy ruled the expert evidence was of “no assistance to this court” as he had to decide whether the US charges would also be offences under British law, not the facts of the case. The date for the extradition hearing has been set for 25 September. | |
| Sarao, who lives with his parents in Hounslow, west London, faces 22 counts of fraud and commodity manipulation in the US. The 36-year-old is accused of manipulating US financial markets and contributing to the flash crash of 6 May 2010, when the Dow Jones industrial average plunged 1,000 points in five minutes, losing 9% of its value and causing panic on Wall Street. The market soon recovered and ended the day 3% lower. | |
| The US Department of Justice alleges that Sarao earned $40m (£26m) by using software to place fake trades to move prices up or down. | The US Department of Justice alleges that Sarao earned $40m (£26m) by using software to place fake trades to move prices up or down. |
| He appeared in court wearing a grey suit, pink shirt and blue tie, in contrast to the yellow T-shirt and black long-sleeved top he wore at the previous hearing. | He appeared in court wearing a grey suit, pink shirt and blue tie, in contrast to the yellow T-shirt and black long-sleeved top he wore at the previous hearing. |
| Sarao, who denies all the charges against him, had his bail extended until the extradition hearing. He was initially awarded bail this month after having been held at Wandsworth prison in London after his arrest. | Sarao, who denies all the charges against him, had his bail extended until the extradition hearing. He was initially awarded bail this month after having been held at Wandsworth prison in London after his arrest. |