At an extradition hearing at Westminster magistrates court in March, the district judge, Quentin Purdy, ruled that Sarao could be sent to stand trial in the US. REUTERS/Toby Melville

Navinder Sarao, 37, who traded on the Chicago Mercantile Exchange (CME) from his parents’ home near Heathrow airport, is wanted by the U.S. authorities on 22 criminal counts of wire fraud, commodities fraud and market manipulation. His actions, they allege, contributed to market instability which led to the May 6, 2010 flash crash when the Dow Jones Industrial Average briefly plunged more than 1,000 points, temporarily wiping out nearly $1 trillion in market value. Revising allegations concerning links to the flash crash, counsel for the US said: “This case is connected to the flash crash in that he was trading on the day in question.” It is accepted, however, that he had ceased trading minutes before the crash. He faces 22 charges, which carry sentences totalling a maximum of 380 years, over claims that he contributed to the Dow Jones Industrial Average plunging 600 points in five minutes, wiping tens of billions of pounds off the value of US shares.
A London-based trader who traded on the Chicago Mercantile Exchange, Navinder Singh Sarao, accused of contributing to the 2010 Wall Street "flash crash" by placing bogus orders to spoof the market, fails in his legal bid to stop extradition and will now be sent to the United States to face trial where he is wanted by U.S. authorities on 22 criminal counts of wire fraud, commodities fraud, and market manipulation. A judge initially approved his extradition in March, and today his bid to launch an appeal against that decision was rejected, ending his 18-month legal fight. He will now be extradited within 28 days.