UK 'flash crash trader' applies for £50,000 bail

Gavel

The British financial trader accused of contributing to a multi-billion dollar stock market crash from his parents’ home, has asked to be bailed without providing £5m in security because his funds have been frozen by US authorities.

Navinder Singh Sarao, 36, who is fighting extradition to the US on 22 counts of fraud and commodity manipulation, has been remanded in custody for two weeks after failing to make his bail conditions, even though his lawyers said his trading account contained £5m.

However, at Westminster magistrates court on Wednesday, Sarao’s lawyers said they had now learned that the trader’s assets were subject to a worldwide freezing order and that it would be impossible to find the monies. They asked that Sarao be freed to await a full hearing on his extradition in September, with only £50,000 provided as security by his parents.

Sarao’s legal team said: “It is impossible to supply the security that was ordered as a condition of his bail. It is rather surprising that this was not brought to the court’s attention by the American authorities.”

The court has adjourned for 15 minutes while the prosecution considers the application.

Powered by Guardian.co.ukThis article was written by Simon Goodley, for theguardian.com on Wednesday 6th May 2015 11.09 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010

 

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