Navinder Sarao should be extradited to US, judge rules

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A High Court judge has ruled that Navinder Sarao should be extradited to the US, where he will face charges carrying a maximum sentence of 380 years.

The US authorities had accused Sarao of contributing to 2010's flash crash by engaging in spoofing activities during that time period.

The flash crash refers to an incident on the afternoon of 6 May 2010, when the Dow Jones Industrial Average plummeted several hundred points in a matter of minutes, although it recovered later on.

The US authorities claim that Sarao used customised software to place large numbers of sell orders with no intention on following through on them before quickly cancelling them. The authorities alleged that, by doing so, Sarao was able to take advantage of artificially lowered prices and earn himself $40m (£27.6m) over the course of several year.

However, Reuters reported that Sarao's lawyers contested that the crimes he had been accused of did not constitute offences in Britain, so he should therefore not be extradited to the US.

Sarao was arrested at his parent's house in Hounslow, west London, last April, gaining him the moniker the "hound of Hounslow".

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Full story: Navinder Sarao should be extradited to US, judge rules: City A.M.

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