Saturday 15 October 2016

Navinder Sarao loses US extradition appeal

Navinder Sarao

A UK based trader looses his extradition appeal.

Navinder Sarao, a 37-year-old from Hounslow, has been fighting the US authorities' bid to extradite him since he was arrested at his home in April 2015.

He has been charged with 22 offences that come with a maximum sentence of 380 years in total. His trading strategies, run from his bedroom in his parents' home, generated $40m (£32m) in profits, prosecutors allege.

The US has accused him of placing bogus bids into the Chicago Mercantile Exchange's market for S&P futures contracts over a four-year period, making offers that he never intended to be filled in order to manipulate the price in the market.

The charges cover the day of the Flash Crash in 2010, when the S&P derivatives market destabilised, triggering a brief $1 trillion plunge in the stock markets, before prices abruptly recovered. The precise cause of the crash has been disputed.

Mr Sarao, who did not attend the High Court hearing, is due to be sent to the US within 28 days. Theresa May, the Home Secretary at the time, signed off his extradition in May, but the process was delayed when Mr Sarao appealed.

The High Court judges will set out their reasons for rejecting his appeal "in due course". Lawyers for Mr Sarao tried to argue that the US crime of spoofing had no equivalent under English law, meaning he could not be sent for trial overseas.

His guilt or innocence has not been ruled upon. To secure extradition, the US only has to state the alleged facts around the defendant's conduct and show "dual criminality".



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