May 13, 2015 / 10:34 AM / 2 years ago

Accused 'flash crash' trader seeks release from custody

LONDON (Reuters) - The British trader fighting extradition to the United States on charges of having contributed to the 2010 “flash crash” on Wall Street will go to London’s High Court next week to seek his release from custody, his lawyer said on Wednesday.

A man walks past the address where Nav Sarao Futures Limited is registered, in London April 24, 2015. REUTERS/Cathal McNaughton

Navinder Singh Sarao, 36, has been charged by the U.S. Justice Department with wire fraud, commodities fraud and market manipulation.

After his arrest by British police three weeks ago, he was granted conditional bail provided he produced just over 5 million pounds and met other conditions.

But Sarao, who traded from his parents’ modest home in west London, has failed to raise the cash because his assets have been frozen and judges have refused to lower the bail security required to secure his release.

His lawyer Joel Smith told London’s Westminster Magistrates’ Court that an application to vary the bail conditions had been made to the High Court and that there would be a hearing next Wednesday.

Sarao spoke only to confirm his age and address but last week, in an outburst during a hearing, he denied any wrongdoing.

“I’ve not done anything wrong apart from being good at my job. How is this allowed to go on, man?” he said.

Smith said on Wednesday Sarao had been unable to fund his legal team and had been granted legal aid this week.

A review hearing is due to take place on May 26, but Smith said that following the successful application for legal aid, they wanted this to be delayed until June 3.

Reporting by Michael Holden; editing by Stephen Addison

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