Navinder Sarao aka “hound of Hounslow” should be extradited to the US, a High Court judge ruled today.
Sarao, who US authorities accuse of contributing to 2010’s flash crash, could face charges carrying a maximum sentence of 380 years.
For those of you who don’t know, the flash crash is a nickname for an incident that took place on 6 May 2010 when the Dow Jones Industrial Average fell by 1,000 points. This temporarily wiped nearly $1 trillion off the value of shares.
Sarao is accused to have used software to place large number of orders before quickly cancelling them. This helped Sarao earn $40m (£27.6m) over the years.
Sarao’s lawyer Richard Egen said: “We still think we have a strong argument and we will be appealing the decision once the Secretary of State makes her decision.
“We are very disappointed. We think we had a strong argument, but we will be going to the Court of Appeal to make our argument there.”