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'Flash crash trader' can be extradited to US, judge rules 'Flash crash trader' can be extradited to US, judge rules
(35 minutes later)
Navinder Singh Sarao faces extradition to the US over claims he caused a £350bn “flash crash” in the US stock market from his parents’ house in south west London. Navinder Singh Sarao faces extradition to the US over claims he caused a $800bn (£565bn) “flash crash” in the US stock market from his parents’ house in south-west London.
A judge at Westminster magistrates court on Wednesday ruled that Sarao’s alleged actions constituted a crime in the UK. District judge Quentin Purdy at Westminster magistrates court on Wednesday ruled that Sarao’s alleged actions constituted a crime in the UK.
The ruling means Sarao, 37, can be sent to the US to answer 22 counts of wire fraud, commodities fraud and market manipulation carrying a maximum sentence of 380 years’ imprisonment.The ruling means Sarao, 37, can be sent to the US to answer 22 counts of wire fraud, commodities fraud and market manipulation carrying a maximum sentence of 380 years’ imprisonment.
Sarao’s lawyer Richard Egan said: “We’re very disappointed. We definitely will be appealing. We think we’ve got a strong argument.”Sarao’s lawyer Richard Egan said: “We’re very disappointed. We definitely will be appealing. We think we’ve got a strong argument.”
Sarao was alleged to have modified computer software to “spoof” the market by placing huge orders on the Chicago Mercantile Exchange which he never intended to execute and were later cancelled.Sarao was alleged to have modified computer software to “spoof” the market by placing huge orders on the Chicago Mercantile Exchange which he never intended to execute and were later cancelled.
The US government alleges that this caused share prices to fall, allowing the lone trader to buy them cheaply and pocket the profits when they rose again.The US government alleges that this caused share prices to fall, allowing the lone trader to buy them cheaply and pocket the profits when they rose again.
The 36 minute long crash, on 6 May 2010, saw the Dow Jones industrial average plummet 998.5 points, its biggest ever intraday slump. The 36 minute-long crash, on 6 May 2010, saw the Dow Jones industrial average plummet 998.5 points, its biggest ever intraday slump.
Lawyers for the US government say the scheme, allegedly perpetrated from his parents’ home in Hounslow, London, made him more than £30m.Lawyers for the US government say the scheme, allegedly perpetrated from his parents’ home in Hounslow, London, made him more than £30m.
Sarao’s legal team have argued that he cannot be extradited because nothing he did constitutes a crime in the UK.Sarao’s legal team have argued that he cannot be extradited because nothing he did constitutes a crime in the UK.
He has been dubbed the Hound of Hounslow, in reference to the film Wolf of Wall Street about unscrupulous traders. He has been called the Hound of Hounslow, in reference to the film Wolf of Wall Street about unscrupulous traders.