Navinder Singh Sarao, the UK trader accused of causing the “flash crash” on Wall Street, will find out in March whether he will be extradited to stand trial in the US.
Following a two-day extradition hearing in London, Judge Quentin Purdey concluded on Friday afternoon that he had a “significant volume of material” to look at and would announce a decision on 23 March.
He gave Sarao the same bail conditions and warned him that he would be arrested if he did not turn up to court on the assigned day.
The US government alleges that Sarao’s behaviour helped cause a sharp fall in Wall Street equity prices on 6 May 2010, an event widely known as the flash crash, and is seeking his extradition to stand trial in a US court.
The US Department of Justice claims that Sarao and his company, Nav Sarao Futures Limited, made £26m illegally over five years, including nearly $900,000 on the day of the crash.
The Hounslow-based former bank worker and Brunel University student faces 22 charges including wire fraud and commodities fraud. Sarao denies all the charges.
Purdy initially set a £5m surety as part of Sarao’s bail conditions, which the trader claimed he was unable to pay. He was released on conditional bail in August after providing a £50,000 surety.
This article was written by David Hellier, for theguardian.com on Friday 5th February 2016 15.01 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010