Navinder Singh Sarao, the UK trader accused of making millions by ‘spoofing’ US markets, has lost his appeal against extradition and could be sent to America within weeks.
Even though the US counsel conceded Sarao had played no part in the ‘flash crash’ that wiped almost 1,000 points off the Dow Jones Industrial Average index on 6 May 2010, it was argued he had illegally manipulated US markets for five years between 2009-14 and made profits of US$40mln.
Sarao, dubbed the Hound of Hounslow, traded from his parent’s home and is accused of placing large orders to create false movements in the markets only to cancel them later – a practice known as spoofing.
He was given no leave for a further appeal and will be removed to the US with 28 days where he faces wire fraud, commodities fraud and market manipulation charges that, if proved, could see him get 380 years in jail.
Story by ProactiveInvestors