UK court grants bail to trader accused in 'flash crash'

Staff Writer
Columbus CEO

LONDON (AP) — A British court has granted bail to the financial trader accused of contributing to the 2010 Wall Street "flash crash."

District Judge Quentin Purdy, sitting at Westminster Magistrate's Court, accepted a renewed bail application from Navinder Singh Sarao with conditions, including a ban on travel outside Greater London and restrictions on use of the Internet for financial purposes. Sarao must also provide a 50,000 pound ($78,200) surety deposit.

Sarao, 36, had been in custody awaiting an extradition hearing since he was arrested April 21 in London on charges including fraud and commodities manipulation.

U.S. authorities accuse Sarao of using an automated trading program to manipulate the stock market, allowing him to make nearly $880,000 on the day the Dow Jones industrial average plunged 1,000 points.