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| Wall Street 'flash crash' accused Navinder Sarao extradited to US Wall Street 'flash crash' accused Navinder Sarao extradited to US | |
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| The day trader accused of helping trigger the 2010 Wall Street “flash crash” from his parents’ home, has been extradited to the US and is expected to appear in a court in Chicago. | The day trader accused of helping trigger the 2010 Wall Street “flash crash” from his parents’ home, has been extradited to the US and is expected to appear in a court in Chicago. |
| Navinder Sarao is in US custody and is scheduled to appear in federal court on Tuesday morning, Bloomberg reported. Sarao lost his year-long legal battle against extradition at the high court in London in mid-October. | Navinder Sarao is in US custody and is scheduled to appear in federal court on Tuesday morning, Bloomberg reported. Sarao lost his year-long legal battle against extradition at the high court in London in mid-October. |
| Sarao, 37, faces 22 charges of fraud and market manipulation, which carry sentences totalling a maximum of 380 years. He is accused of making $40m (£32m) by “spoofing” the US market over five years, trading from his parents’ home in Hounslow, west London. | Sarao, 37, faces 22 charges of fraud and market manipulation, which carry sentences totalling a maximum of 380 years. He is accused of making $40m (£32m) by “spoofing” the US market over five years, trading from his parents’ home in Hounslow, west London. |
| Sarao is 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 which were later cancelled. | Sarao is 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 which were later cancelled. |
| The case centres on his alleged contribution to the Dow Jones Industrial Average plunging 600 points in five minutes on 6 May 2010, wiping almost $1tn off the value of US shares. US authorities claim he made $875,000 on the day. | The case centres on his alleged contribution to the Dow Jones Industrial Average plunging 600 points in five minutes on 6 May 2010, wiping almost $1tn off the value of US shares. US authorities claim he made $875,000 on the day. |
| Lawyers for the former bank worker and Brunel University student argued that his actions did not constitute a crime in the UK, where he should be tried because he is a British citizen. | Lawyers for the former bank worker and Brunel University student argued that his actions did not constitute a crime in the UK, where he should be tried because he is a British citizen. |
| US prosecutors in Chicago have stepped up their investigations into spoofing in recent years. In July, Michael Coscia became the first person to be convicted of spoofing after it was made a crime under the Dodd-Frank Act. He was sentenced to three years in prison. | US prosecutors in Chicago have stepped up their investigations into spoofing in recent years. In July, Michael Coscia became the first person to be convicted of spoofing after it was made a crime under the Dodd-Frank Act. He was sentenced to three years in prison. |