‘Hound of Hounslow’ loses fight against extradition
Trader to face trial in US for £570bn stock market crash
A TRADER dubbed the Hound of Hounslow has lost his fight against extradition to the United States.
Navinder Sarao, of Clairvale Road, Heston, is accused by the US government of contribut- ing to the 2010 flash crash which wiped £570billion from the stock market in less than five minutes.
District judge Quentin Purdy ruled at Westminster Magistrates’ Court on Wednesday that the 37-year-old could be sent to the States for trial, as his alleged offences do constitute crimes in the UK.
Mr Sarao faces 22 charges of fraud, manipulation and ‘spoofing’, which between them carry a maximum jail sentence of 380 years.
Richard Egan, who is representing Mr Sarao, reportedly expressed his disappointment and said his client would appeal against the decision.
Mr Sarao is accused by the US Government of earning £27m through ‘spoofing’ – placing and quickly withdrawing offers to drive down prices and make a profit.
He is alleged to have made the money operating from the bedroom of his parents’ home, using an automated computer programme.
Mr Sarao, who is said to have Asperger’s syndrome, denies the charges. Recent research by US academics suggested Mr Sarao’s actions were ‘highly unlikely’ to have led to the flash crash.
n EXTRADITION: Savinder Singh Sarao, dubbed the ‘Hound of Hounslow’, is accused of wiping £570bn off the US stock market