Accused U.K. flash-crash trader loses extradition fight, will appear in Chicago for trial

Neurensic Industry News

chicago-tribune

 

Accused “flash crash” trader Navinder Singh Sarao lost his latest round to fight extradition and will be sent from the U.K. to Chicago to face federal charges that he helped trigger a 2010 tumble in stock markets.

A U.K. judge on Friday refused Sarao’s application to appeal his extradition, a court spokesman said.

A grand jury in Chicago indicted Sarao in 2015, alleging manipulation on the Chicago Mercantile Exchange. The charges against Sarao include wire fraud, commodities fraud and spoofing for his alleged role in the May 6, 2010, crash, which saw tens of billions of dollars lost in just five minutes. The market quickly rebounded. U.S. officials have said Sarao made $875,000 that day.

In March, U.K. District Judge Quentin Purdy of the Westminster Magistrates’ Court rejected Sarao’s challenge to extradition. Purdy sent the case to the U.K.’s home secretary to decide whether to order the British financial trader’s extradition to the U.S.

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