'Flash crash' accused trader due back in court after failing to raise bail

Tue Apr 28, 2015 10:48am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

LONDON (Reuters) - Navinder Sarao, the British trader accused of helping provoke the 2010 Wall Street "flash crash", is due to appear in a London court on Wednesday after failing to raise the bail needed to secure his release from custody, a court official said.

Sarao, 36, who traded from his parents' modest home in west London, has been charged by the Justice Department with wire fraud, commodities fraud and market manipulation over a period of several years but told a hearing last week he would fight extradition.

He was granted bail provided he produced a surety of just over 5 million pounds and met other conditions, but an official at London's Westminster Magistrates' court said on Tuesday he had been unable to raise the cash and would return for a "lack of surety hearing".

"If they haven't paid they come back every week," the official said. "He's not paid as yet."

(Reporting by Michael Holden; editing by Stephen Addison)

 
The sun sets on the address where Nav Sarao Futures Limited is registered, in Hounslow, London April 21, 2015. REUTERS/Neil Hall