I did nothing wrong – ‘flash crash’ accused

A BRITISH trader fighting extradition to the US on charges of having contributed to the “flash crash” on Wall Street in 2010 told a London court yesterday he had done nothing wrong and was just good at his job.

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

“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.

Sarao was granted bail two weeks ago pending a full extradition hearing later this year. He had to cough up £5-million (R91-million) and meet other conditions.

But he failed to raise the money and his lawyer yesterday asked for the bail to be lowered to £50 000 (R913 000). It was rejected by Judge Elizabeth Roscoe and Sarao remains in custody. – Reuters