‘Flash crash’ trader freed on bail

flash crash trader-business-people re-el magazine

15 August 2015

Tags:business, business news  financial news, business finance, small business websites

A UK trader accused of contributing to the 2010 US “flash crash” has been freed on bail after his conditions were changed.

Navinder Singh Sarao successfully argued he could not access bail of £5.05m because his assets had been frozen.

The US Justice Department (DoJ) wants him extradited on wire and commodities fraud and market manipulation charges.

He will return to his home for the first time since April.

The court forced him to disclose the whereabouts of his money and was told he had funds of more than £30m, £25.5m of it in Swiss accounts.

Mr Sarao told an earlier hearing at Westminster Magistrates’ Court that he had not “done anything wrong, apart from being good at my job”.

The other bail conditions are that he must stay at his parents’ address in Hounslow, west London, each night, and must not travel internationally or use the internet.

The court was also told that Mr Sarao had been diagnosed with severe Asperger’s syndrome.

A full extradition hearing is scheduled for 24-25 September.

The DoJ claims that Mr Sarao and his firm, Nav Sarao Futures, made £26m ($40m) illegally over five years.

He has been accused of using an “automated trading program” to manipulate markets, and of contributing to the flash crash of 6 May 2010. On that day, the Dow Jones index lost 700 points in a matter of minutes – wiping about $800bn off the value of US shares – before recovering just as quickly.

He was granted bail in April. But one condition of bail was that he put up £5m – money which he could not access because of a worldwide freezing order granted in the US.

Tags:business, business news  financial news, business finance, small business websites




Business see also….


Australia’s biggest bank posts record results

13 August 2015

commonwealth-business-people re-el magazineThe Commonwealth Bank of Australia has posted a record full year net profit of A$9.1bn (£4.2bn, $6.6bn)….read more



Kraft Heinz announces 2,500 job cuts

13 August 2015

Kraft-business-people re-el magazineKraft Heinz has announced it is cutting about 2,500 jobs in the US and Canada following its recent merger….read more



Greek bailout deal agreed ‘in principle’

12 August 2015

Greek bailout-business-people re-el magazineGreece has agreed a bailout deal “in principle” with its creditors, the European Commission has said….read more



Google unveils surprise restructuring under Alphabet

11 August 2015

google-business-people re-el magazineGoogle has unveiled a surprise restructuring, creating a new parent company called Alphabet Inc. ….read more



China’s inflation rate rises to 1.6% in July, missing a government target

10 August 2015

chinafoodforinflationstories-business-people re-el magazineChina’s consumer inflation rate hit its highest level this year in July, but is still well below the government….read more