A UK futures trader operating out of a small suburban house under the approach to Heathrow airport has been charged by US authorities for allegedly contributing to the 2010 “flash crash” which saw the Dow Jones Industrial Average plunge more than 600 points in a matter of minutes.
Navinder Singh Sarao, 37, of Hounslow, was arrested in Britain, and US authorities are seeking to extradite him to stand trial in Illinois.
He was charged by US authorities with one count of wire fraud, ten counts of commodities fraud, 10 counts of commodities manipulation and one count of spoofing, a form of market manipulation which involves putting on an order and swiftly withdrawing it before a trade can take place. Mr Sarao could not immediately be reached for comment.
