(Bloomberg) — Navinder Singh Sarao, the British trader accused by prosecutors of helping to cause the 2010 flash crash, was granted a 5-million pound ($7.5 million) bail by a London judge while he fights extradition to the U.S.
Sarao was granted bail on condition he not use the Internet or a web-enabled phone and stay at his parents home in Hounslow, near London. His parents must pay 50,000 pounds as well and will also have to surrender their passports.
I suspect the last 24 hours or less have been somewhat traumatic for you, Judge Quentin Purdy said.
Sarao will have to report to the local police station three times a week. Hearings on the extradition bid have been scheduled for May 26 and August 18.
Sarao was arrested Tuesday at his parents home after U.S. prosecutors filed charges on 22 counts including fraud and market manipulation against him in Chicago. He was responsible for one in five sell orders during the frenzy on May 6, 2010, when investors saw nearly $1 trillion of value erased from U.S. stocks in just minutes, U.S. regulators said on Tuesday.
