UK trader accused of 'flash crash' role opposes extradition to U.S.

LONDON

The sun sets on the address where Nav Sarao Futures Limited is registered, in Hounslow, London April 21, 2015.

Reuters/Neil Hall

(Reuters) - Navinder Singh Sarao, a trader accused by U.S. authorities of an illegal role in the "flash crash" that briefly wiped out nearly $1 trillion in market value in May 2010, told a London court on Wednesday he opposed being extradited to the United States.
The U.S. Justice Department said on Tuesday it had criminally charged Sarao, 36, of west London, with wire fraud, commodities fraud and manipulation.
Sarao, who was arrested by British police on Tuesday, appeared at Westminster Magistrates' Court, where District Judge Quentin Purdy said a full extradition hearing would take place in August.
"This has come as a bolt from the blue for Mr Sarao," his lawyer Joel Smith told the court.
Wearing a yellow sweatshirt and white tracksuit bottoms, Sarao spoke in a quiet voice to confirm his name, address and date of birth. He appeared calm as he sat in the
dock a few seats away from a security guard.
(Reporting by Michael Holden, writing by Estelle Shirbon; editing by Stephen Addison)