'Flash crash' trader Navinder Sarao to be extradited to US, faces maximum sentence of 380 YEARS if found guilty

Navinder Sarao aka “hound of Hounslow” should be extradited to the US, a High Court judge ruled today.

Sarao, who US authorities accuse of contributing to 2010’s flash crash, could face charges carrying a maximum sentence of 380 years.

For those of you who don’t know, the flash crash is a nickname for an incident that took place on 6 May 2010 when the Dow Jones Industrial Average fell by 1,000 points. This temporarily wiped nearly $1 trillion off the value of shares.

Sarao is accused to have used software to place large number of orders before quickly cancelling them. This helped Sarao earn $40m (£27.6m) over the years.

Sarao’s lawyer Richard Egen said: “We still think we have a strong argument and we will be appealing the decision once the Secretary of State makes her decision.

“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.”

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