Bloomberg News reports that Navinder Singh Sarao’s appeal is set to go before a London court in August, according to a person with knowledge of the situation, who didn’t want to be identified because the hearing hasn’t been scheduled. His lawyers must prove Sarao doesn’t have access to any unknown assets that would make him a flight risk.
Sarao’s case drew global attention after he was arrested in April at his house in London’s Hounslow area and charged by U.S. prosecutors with 22 counts of fraud and market manipulation. Authorities said he was responsible for one in five sell orders during the frenzy on May 6, 2010, when investors saw almost $1tril erased from U.S. stocks in minutes.
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