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PIO held in UK over 2010 flash crash
PIO Held In UK Over 2010 Flash Crash. A person of Indian-origin was arrested from his home here and produced before a court on Wednesday for an extradition hearing for his alleged role in the May 2010 Wall Street \"flash crash\" which wiped billions of dollars off the value of US shares in minutes.
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London: A person of Indian-origin was arrested from his home here and produced before a court on Wednesday for an extradition hearing for his alleged role in the May 2010 Wall Street "flash crash" which wiped billions of dollars off the value of US shares in minutes.
Navinder Singh Sarao, 36, was arrested by British authorities yesterday at the request of the US Department of Justice which wants to extradite him on charges of wire fraud, commodities fraud and market manipulation. Separately, US regulators filed civil claims against Sarao, adding that he made USD 40 million over five years. Sarao was charged in a federal criminal complaint in the Northern District of Illinois in February 2015.
The complaint charges him with one count of wire fraud, 10 counts of commodities fraud and commodities manipulation and one count of "spoofing", a practice of bidding or offering with the intent to cancel the bid or offer before execution.
It is claimed the trader, from Hounslow in west London used automated computer programmes to manipulate share prices. Scotland Yard confirmed Sarao was arrested by the Met's extradition unit.
Sarao on Wednesday appeared before Westminster Magistrates' Court, where he opposed his extradition to the US. Wire fraud is punishable by a maximum 20 year sentenced in the US, while commodities manipulation and spoofing is subject to a possible punishment of a USD 1 million fine or a sentence of up to 10 years.
