All posts filed under: BUSINESS

Wall Street Flash Crash: Hounslow Man in Court over £27m Fraud

A man from the west London suburb of Hounslow has appeared at Westminster Magistrates’ Court over ‘flash crash’ stock exchange manipulation that wiped £500bn off American shares for a few minutes in May 2010. In US Department of Justice extradition papers seen by WLT, Navinder Singh Sarao, 37 is wanted to face charges of wire fraud, commodities fraud and market manipulation. Mr Sarao is alleged to have carried out the criminal enterprise described as high frequency trading from the Hounslow address where he lives with his parents trading as Nav Sarao Futures Limited. US regulatory authorities also allege Sarao made $40m (£27m) over five years. Mr Sarao has opposed his extradition and bail has been set at £5.05m bail with his parents required to deposit £50,000 with the court. He is to reappear in court in May. His passport and his parents’ passports have also been confiscated and he has to report to a local police station. He faces 380 years imprisonment if extradited and convicted of the charges.