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'Flash crash' trader loses US extradition battle | |
(35 minutes later) | |
The UK trader accused of contributing to the 2010 stock market "flash crash" has lost his battle against extradition to the US. | |
The ruling means Navinder Sarao, 37, who traded from his parents' house in Hounslow, west London, will be sent to the US within 28 days. | |
Mr Sarao is accused of market manipulation that contributed to a 1,000 point fall on the Dow Jones index in New York on 6 May 2010. | |
He denies 22 charges. | |
The charges carry sentences that totalling a maximum of 380 years. | |
Mr Sarao, who is on bail, did not attend the High Court ruling in London. | |
US authorities want Mr Sarao allege that he is guilty of "spoofing" - the practice of placing large orders that manipulate the markets and then cancelling or changing them, allowing him to buy or sell at a profit. | |
Mr Sarao's alleged spoofing netted him a profit of $40m (£28m), they argue. | |
The flash crash on 6 May 2010 temporarily wiped nearly $1 trillion off the value of US shares. |