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Sarao Loses Bail Appeal as Judge Says He Is a ‘Flight Risk’
Navinder Singh Sarao lost a bid to secure bail while he fights extradition to the U.S. on market-manipulation charges as a judge said the 36-year-old trader was a clear flight risk. Judge Ross Cranston refused to remove or reduce the 5 million-pound ($7.8 million) bail amount at a hearing in London Wednesday unless Sarao can prove he does not have access to any other funds. Sarao was charged last month by U.S. prosecutors with 22 counts of fraud and market manipulation. He was responsible for one in five sell orders during the frenzy on May 6, 2010, when investors saw almost $1 trillion of value erased from U.S. ... (full story)
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