Accused "flash crash" trader tells UK court: "I did nothing wrong"

Image
Reuters LONDON
Last Updated : May 06 2015 | 4:48 PM IST

LONDON (Reuters) - The British trader fighting extradition to the United States on charges of having contributed to the 2010 "flash crash" on Wall Street told a London court on Wednesday he had done nothing wrong and was just good at his job.

Navinder Singh Sarao, 36, who traded from his parents' modest home in west London, has been charged by the U.S. Justice Department with wire fraud, commodities fraud and market manipulation.

"I've not done anything wrong apart from being good at my job. How is this allowed to go on, man?" Sarao said at Westminster Magistrates' Court.

Two weeks ago, Sarao was granted bail pending a full extradition hearing later this year provided he produced just over 5 million pounds ($7.6 million) and met other conditions.

But his lawyer James Lewis said Sarao had not been able to access the 5 million pounds because U.S. authorities had frozen his assets.

"We cannot obtain any money. Any request to obtain the money was refused," Lewis told the court.

He asked for the bail surety to be lowered to 50,000 pounds on Wednesday but the application was rejected by District Judge Elizabeth Roscoe, and Sarao remains in custody.

"I will not vary bail. I will leave it as it is," Roscoe told Sarao and his legal team, who said they would consider an appeal to London's High Court.

Sarao, dressed in a grey sweatshirt and grey tracksuit bottoms, had sat calmly in the dock until he heard his bail conditions would not be changed, and then spoke out to the court to plead his innocence.

(Reporting by Sudip Kar-Gupta; writing by Michael Holden; editing by Stephen Addison)

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 06 2015 | 4:33 PM IST

Next Story