Wednesday 20 September 2017

Wall Street 'Flash crash' trader denied release from custody as he fights US extradition bid

UK court dents "flash crash" trader's hopes of bail release

The modest house in the unremarkable suburb of Hounslow in London, which is the address
given at Westminster Magistrates’ Court of British financial trader Navinder Singh Sarao
The modest house in the unremarkable suburb of Hounslow in London, which is the address given at Westminster Magistrates’ Court of British financial trader Navinder Singh Sarao

The hopes of Britain's "flash crash" trader of being released from custody as he fights a U.S. extradition request were dented on Wednesday when the High Court refused to vary his bail conditions.

Navinder Sarao, 36, was arrested by British police on a U.S extradition warrant on April 21 after being charged with wire fraud, commodities fraud and market manipulation by the US Justice Department. He had applied for his bail conditions to be relaxed after his assets were frozen.

But Judge Ross Cranston turned down his application.

"There's no substantial reassurance that this applicant is not a flight risk," he said.

Reuters

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