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‘Hound of Hounslow’ facing 400 years in prison after extradition ruling.

Navsarao

A British Indian man dubbed the “Hound of Hounslow” after allegedly causing a trillion pound “flash crash” in the US stock market is facing extradition to the United States after a judge in London ruled he had committed a crime in the UK.

Navinder Singh Sarao, 37, could face nearly 400 years in prison for the crash if he is found guilty of the 22 counts of wire fraud, commodities fraud and market manipulation he allegedly carried out from a bedroom in his parent’s home in Hounslow, West London.

Wednesday’s ruling by district judge Quentin Purdy at Westminster magistrates court means that Mr Sarao can now be extradited to the US.

His lawyer said Mr Sarao would lodge an appeal.

Navsinghsarao2

Mr Sarao is accused of modifying a computer programme to “spoof” the market by placing large orders on the Chicago Mercantile Exchange – orders he never intended to execute and were later cancelled.

The US government alleges that this caused share prices to fall, allowing the lone trader to buy them cheaply and pocket the profits when they rose again.

According to lawyers for the US government, the move netted Mr Sarao a profit of more than £30 million.

Sarao’s legal team have argued that he cannot be extradited because nothing he did constitutes a crime in the UK.

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