Accused 'flash Crash' Londoner To Fight Extradition

MarketWatch Pulse

The British day trader accused of order manipulation believed to have caused the 2010 "flash crash" has said he will resist extradition to the U.S., media reports said Wednesday. Navinder Singh Sarao made the declaration as he appeared in Westminster Magistrates Court in London on Wednesday, at a hearing on the extradition. The Department of Justice allege Sarao used modified software to place a huge number of fake orders that put downward pressure on the price of E-minis on May 6, 2010. The Commodity Futures Trading Commission and the Securities and Exchange Commission both say that helped trigger a fall in the Dow industrials, which dropped by about 1,000 points in a matter of minutes. Sarao's defense lawyers said the criminal charges came as a "bolt from the blue" for the day trader, who operated out of a modest home in the suburbs of west London, according to a report in The Telegraph. The has also filed civil

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