Flash Crash case heads for high court as judge upholds £5m bail
The solicitor representing UK Flash Crash trader Navinder Sarao said he would be appealing to the High Court within a week yesterday, after Sarao failed to raise the £5.05m required for bail.
Sarao has struggled to raise the money necessary since the US government froze his assets using an international restraining order.
As a result Sarao was told to remain in custody for a further two weeks.
Dressed in a grey sweatshirt, the 36-year-old trader defended himself saying: “I’ve not done anything wrong apart from being good at my job. How is this allowed to go on?”
Sarao’s legal team argued the bail surety should be reduced to £50,000, set to come from his parents. But despite the difficulties arising from the asset freeze, judge Elizabeth Roscoe declined to change his bail conditions, stating: “I will not vary bail, I will leave it how it is.”
Richard Egan, representing Sarao, reacting to Roscoe’s refusal said: “We are very disappointed by the refusal to amend the decision. It would effectively be illegal for him to provide the security without breaching the order.”
Source: cityAM – Flash Crash case heads for high court as judge upholds £5m bail
