Navinder Singh Sarao hasn’t ventured outside London for more than a year due to bail restrictions imposed after his arrest for spoofing markets. That could all change should his final appeal fail Friday, forcing his extradition to stand trial in the U.S.
Bloomberg News reports that the 37-year-old will appear in a London court for his last chance to fight a ruling forcing him to be extradited. If the request is declined, Sarao could be on his way to the U.S. within 28 days.
Sarao has been fighting extradition since April 2015 when he was arrested at the behest of American prosecutors at his home in Hounslow, London. The trader is accused by the U.S. of spoofing CME Group's stock futures market over four years, including on May 6, 2010, when a trading frenzy created a flash that briefly wiped almost $1tril from the value of American equities. He allegedly made as much as $40m in profits overall and faces 22 counts of fraud and market manipulation.
His case captured public imagination as people struggled to understand how a lone day trader who lived with his parents and often worked from his bedroom could have made so much money. He spent four months in prison last year as he tried to secure bail, eventually winning his release by disclosing he had about $31m of assets in Switzerland.
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