April 28, 2015 / 12:53 PM / 3 years ago

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

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.

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

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

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