UK judge approves extraditing 'flash crash' suspect Navinder Sarao to US
{{#rendered}} {{/rendered}}Feb. 4, 2016: Navinder Sarao arrives at Westminster Magistrates' Court for an extradition hearing in London, Britain. (Reuters)
The British trader accused of helping trigger the so-called Wall Street "Flash Crash" can be extradited to the U.S. to stand trial, a judge ruled Wednesday.
Navinder Singh Sarao is alleged, by U.S. prosecutors, to have made millions of pounds through an "automated trading program" to manipulate stock prices.
The Dow Jones Industrial Average briefly plunged by 1,000 points, temporarily wiping off nearly $1 trillion in market value, on May 6, 2010.
{{#rendered}} {{/rendered}}It is claimed the 37-year old made $875,000 that day alone and more than $40 million over five years of trading from his bedroom at his parents' home in west London -- earning him the nickname the Hound of Hounslow.
He faces 22 counts of fraud and commodity manipulation, carrying a maximum of 380 years in jail if convicted.
A district judge, sitting at Westminster Magistrates Court, ruled the extradition could take place.
{{#rendered}} {{/rendered}}His lawyers argued that no offense was actually committed and they would appeal any attempt to send him for trial overseas following a final decision, due to be taken by the Home Secretary.
They had previously told the court that Sarao had been diagnosed with severe Asperger's Syndrome -- the same condition suffered by convicted Libor rate-rigging banker Tom Hayes and his mental health was fragile.
His legal team said outside court: "We are very disappointed. We think we had a strong argument but we will be going to the Court of Appeal to make our argument there".
{{#rendered}} {{/rendered}}Sarao was released on bail pending Theresa May's decision, which is due within two months.