NRI trader fails to delay extradition bid from UK

CRInsaraoNavinder Sarao, 36, a trader accused of triggering the 2010 Wall Street so-called flash crash that wiped almost $1 trillion off the value of US shares, has failed in a bid to delay his extradition to America. US prosecutors charged him with using illegal “spoof” orders that they say helped precipitate the ‘flash crash’

Lawyers for Sarao asked the Court to delay an extradition hearing set for next month, to allow an expert witness more time to prepare a report, however district judge Quentin Purdy turned down the application and said the 2-day hearing will take place as planned on September 25.

The ruling came 2 weeks after Sarao was released on bail after spending over 100 days in jail after his arrest in April.

Sarao was granted bail for a surety of 5 million pounds, but he claimed he was unable to meet the terms after a US court issued a worldwide freeze on his assets. He was freed in August after his bail was reduced to 50,000 pounds.

Sarao allegedly used an Internet connection at his parent’s London  home to place a number of fraud electronic orders to sell one type of financial contract then cancelling the orders, forcing the prices back up and taking profit from the price swing.