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China- 'Flash Crash' trader to fight extradition
(MENAFN- Arab News) A British trader accused of helping to trigger a US stock market crash through a company registered to his modest London home told a court he would oppose extradition to the US.
Navinder Singh Sarao, 36, was earlier arrested in London at the request of US authorities.
He stands accused of making millions in high-frequency trading from a company registered at his suburban home.
A judge said he would be released on bail if he paid a £5 million (7 million euros, $7.5 million) security and would have to respect a curfew in his home and would not be allowed access to the Internet.
The bail sum is the amount Sarao allegedly has in his trading account.
"I suspect the last 24 hours or less have been somewhat dramatic for you," Judge Quentin Purdy told Sarao, who appeared in the dock wearing a yellow sweatshirt and white tracksuit trousers.
US officials allege his trades contributed to the May 2010 "Flash Crash," when US stocks plunged 600 points in five minutes.
Over five years his trading earned him and his company $40 million (37 million euros).
At a hearing at Westminster Magistrates' Court, Sarao's lawyer Joel Smith said the allegations had come "as something of a bolt from the blue."
Sarao was asked if he consented to his extradition, to which he replied: "No."
His opposition paves the way for a protracted legal battle, which could last years.
Sarao's company, Nav Sarao Futures Ltd, is headquartered in a suburban house in Hounslow, west London, which is reportedly also the home that the trader shares with his parents.
His neighbors reacted with disbelief on Wednesday.
HS Johal, 55, said he knew Sarao's parents.
"For me they are such a nice family. They are not showing off with Mercedes or something like that," 55-year-old Johal said.
Anil Puri, 41, who said he grew up with Sarao, described him as "chirpy" as a child.
Sarao used to work at a bank and is a graduate of Brunel University in west London.
Between 2009 and 2014, Sarao is accused of placing orders for futures contracts - agreements to buy or sell a specific product or financial instrument in the future - before canceling them abruptly.
Navinder Singh Sarao, 36, was earlier arrested in London at the request of US authorities.
He stands accused of making millions in high-frequency trading from a company registered at his suburban home.
A judge said he would be released on bail if he paid a £5 million (7 million euros, $7.5 million) security and would have to respect a curfew in his home and would not be allowed access to the Internet.
The bail sum is the amount Sarao allegedly has in his trading account.
"I suspect the last 24 hours or less have been somewhat dramatic for you," Judge Quentin Purdy told Sarao, who appeared in the dock wearing a yellow sweatshirt and white tracksuit trousers.
US officials allege his trades contributed to the May 2010 "Flash Crash," when US stocks plunged 600 points in five minutes.
Over five years his trading earned him and his company $40 million (37 million euros).
At a hearing at Westminster Magistrates' Court, Sarao's lawyer Joel Smith said the allegations had come "as something of a bolt from the blue."
Sarao was asked if he consented to his extradition, to which he replied: "No."
His opposition paves the way for a protracted legal battle, which could last years.
Sarao's company, Nav Sarao Futures Ltd, is headquartered in a suburban house in Hounslow, west London, which is reportedly also the home that the trader shares with his parents.
His neighbors reacted with disbelief on Wednesday.
HS Johal, 55, said he knew Sarao's parents.
"For me they are such a nice family. They are not showing off with Mercedes or something like that," 55-year-old Johal said.
Anil Puri, 41, who said he grew up with Sarao, described him as "chirpy" as a child.
Sarao used to work at a bank and is a graduate of Brunel University in west London.
Between 2009 and 2014, Sarao is accused of placing orders for futures contracts - agreements to buy or sell a specific product or financial instrument in the future - before canceling them abruptly.
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