“Flash crash” trader Navinder Sarao loses £5m bail appeal

The British trader accused of sparking the 2010 US flash crash has lost a bid to overturn his bail conditions at High Court, landing him back in custody.

 

Navinder Sarao, who is charged with 22 counts of illegal trading activity in a US court, is fighting extradition and has been in custody since his arrest last month.

 

Sarao’s legal team went to the High Court this morning to appeal a £5.05m bail set by magistrates following his arrest.

 

An asset freeze on Sarao’s £5m, held in a US trading account, has prevented him from paying bail, his legal team said. They argued the £50,000, put up by his family, is a sufficient amount for bail.

 

“He’s lived in the same house with his family all his life, he doesn’t even own a car” his legal team said in court.

 

“To put it bluntly, it is inconceivable that he would let his family down by failing to appear.”

 

The prosecution claimed not all of Sarao’s money had been accounted for, and allege he has around $40m in accounts.

 

Justice Cranston said there would be no change in the bail conditions.

 

Sarao has not yet pleaded to the charges.