“Flash crash” trader Navinder Singh Sarao returns to court this week to fight bail setting

The trader accused of bringing about the flash crash of 2010 is to return to London's High Court tomorrow. 

 

Navinder Singh Sarao, 36, remains in custody after failing to pay his £5.05m bail. He is fighting efforts by the US authorities to have him extradited, with the Department of Justice claiming he made £26m over five years. 

 

His solicitor Richard Egan said Sarao would appear at Westminster Magistrates' Court to appeal the bail setting, with the legal team arguing he should be granted bail with £50,000 raised by his father and two brothers. 

 

A freezing order on Sarao's assets would make it “illegal” for him to meet the original figure, Egen claimed. 

 

Sarao faces 22 charges in total, which carry a maximum potential sentence of 380 years in prison. 

 

He has been granted legal aid to fight the case. A full hearing is due to take place on September 24 and 25. 

 

 

According to a number of reports, Sarao had complained to the Chicago Mercantile Exchange more than 100 times about traders who he believed were manipulating the markets. 

 

He also complained to the Financial Conduct Authority (FCA), calling on the watchdog to ban high frequency trading (although he also admits to changing his mind about trades “very quickly”).