Day trader Navinder Singh Sarao fighting US extradition must pay £5m for bail
The British day-trader accused of causing the 2010 US Flash Crash must put up £5.05m in bail money as he fights extradition to the United States over fraud charges.
Navinder Singh Sarao, who ran a small futures trading company called Nav Sarao Futures based in Hounslow, is charged with several counts of fraud by the US Commodity Futures Trading Commission.
The family will contribute £50,000 and he must put up £5m.
"It’s a significant sum but this case requires significant sums,” judge Quentin Purdy said at Westminster Magistrates Court this afternoon.
Sarao, who studied at Brunel University and previously worked in a bank, must also surrender his passport, wear a tracking device and is banned from accessing the internet.
He will also be required to to Hounslow police station every Monday, Thursday and Saturday. His parents may also volunteer to surrender their passports as part of the bail conditions.
Prosecutor Aaron Watkins had argued earlier that Sarao, who appeared in court wearing a yellow jumper, should be denied bail due to the risk of absconding.
Defending Sarao, Joel Smith said: "He is an impeccable character, with no previous convictions. It can be said he has the strongest community ties to this country."
A judicial review case will take place on 26 May followed by an extradition hearing on 18 August. Sarao sat in court with his arms folded and remained subdued.
He was told to speak up by Purdy on several occasions when speaking in court.