'Hound of Hounslow' trader Navinder Singh Sarao given bail

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The so-called ‘Hound of Hounslow’ financial trader accused of helping trigger a multibillion-dollar US stock market crash has been granted bail while he fights extradition to America. 

Navinder Singh Sarao, 36, had remained behind bars after failing to have the payment of a £5 million security removed from his bail conditions.

Yesterday district judge Quentin Purdy, sitting at Westminster Magistrates’ Court, granted his renewed application for bail with a number of conditions, a court official confirmed.

Sarao, who has been held in custody since his arrest, must provide a £50,000 surety which the court said had been taken.

The bail conditions also include a ban on travelling outside of the M25 and a restriction on using the internet for financial purposes.

Westminster Magistrates’ Court had been seeking a £5 million surety which Sarao claimed he was unable to pay.

He was arrested on April 21 at the request of the US authorities, who want him extradited to face allegations that he helped cause the so-called Flash Crash on Wall Street in 2010 from his parents’ home 3,500 miles away in Hounslow, west London.

The US Justice Department claims Sarao and his company, Nav Sarao Futures Limited, made £26 million illegally over five years.

He faces 22 charges including wire fraud, commodities fraud and market manipulation, which carry sentences totalling a maximum of 380 years.

The former bank worker and Brunel University student has had his assets frozen and has remained in custody since his arrest because the £5 million security has not been paid.

District Judge Purdy had previously set the terms of bail on April 22 after Sarao’s legal team said he had £5 million in his trading account, of which £4.7 million is a loan.

Additional reporting from the Press Association

Source Article from http://www.standard.co.uk/news/crime/hound-of-hounslow-trader-navinder-singh-sarao-given-bail-a2740661.html

August 15, 2015 |
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