UK trader accused in 'flash crash' contests US extradition

AP News
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Posted: Apr 22, 2015 8:14 AM

LONDON (AP) — A U.K. trader is contesting extradition to the United States to face charges of being a key figure in bringing about the 2010 "flash crash" - when the Dow Jones Industrial Average plunged 600 points in five minutes.

Navinder Singh Sarao is accused of using lightning-fast software to manipulate the market for E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange.

Sarao faces charges of wire fraud, commodities fraud and market manipulation. The trader who works out of his home in west London, appeared in court in a yellow sweatshirt and white track suit bottoms.

Asked at Westminster Magistrates' Court Wednesday if he consented to extradition, Sarao replied: "No."

The May 6, 2010, "flash crash" rattled investors and left many wondering if the stock market was rigged.