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LONDON — The high-frequency futures trader who stands accused of contributing to the stock market "flash crash" in May 2010 told a London court Wednesday that he did not consent to extradition to the U.S.
He was granted conditional bail by Westminster Magistrates' Court, which set it at £5 million ($7.5 million).
The U.S. Justice Department has charged Navinder Singh Sarao, 36, from West London with wire fraud, commodities fraud and manipulation, and one count of "spoofing"—when a trader places a bid or offer with the intent of cancelling it before execution. Sarao was arrested on Tuesday in the U.K.
U.S. authorities have requested Sarao's extradition to stand trial in America, following claims that his actions helped cause the stock market crash which saw the Dow Jones Industrial Average plummet 1,000 points on May 6, 2010.
However, Sarao told Westminster Magistrates' Court Wednesday that he did not agree to the extradition. District Judge Quintin Purdy gave August 18 and 19 as provisional dates for a full extradition hearing.
A person who answered Sarao's phone told CNBC earlier Wednesday that he did not want to comment on the issue.
Sarao was arrested in the Hounslow area of West London on Tuesday, according to the Metropolitan Police, which said its officers were acting on behalf of U.S. officials.
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