America
US seeks extradition of Indian origin UK trader for 2010 'flash crash'
Washington, April 22
US authorities have
sought extradition from Britain of an Indian origin trader accused of
contributing to the "flash crash" of 2010 that briefly wiped out nearly
$1 trillion in stock market value.
Navinder Singh Sarao, 36, from
West London, appeared in a Westminster Magistrates' Court on Wednesday
and said he would oppose extradition to the US, NBC News reported from
London
US officials have charged Sarao with wire fraud,
commodities fraud and manipulation, and one count of "spoofing" -- when a
trader places a bid or offer with the intent of cancelling it before
execution.
American authorities had requested Sarao's extradition to stand trial in America following his arrest in London on Tuesday.
But
Sarao told the British court on Wednesday that he did not consent to
being extradited to the US and that he would apply for bail, the NBC
report said.
District Judge Quentin Purdy said a full extradition hearing will be held in August.
Charges
against Sarao were filed in a federal complaint in Illinois in
February, but were unsealed on Tuesday following his arrest.