On 13 August 2015, it was reported that the civil action brought by the United States Commodity Futures Trading Commission (CFTC) against the British “flash crash” trader, Navinder Singh Sarao, has been put on hold whilst US prosecutors seek his extradition from the United Kingdom, to face related criminal charges.
A report is here. A previous blog is here.
On 12 August 2015, U.S. District Judge Andrea Wood, sitting in the US District Court for the Northern District of Illinois, granted a stay on proceedings for four months, on the grounds of “the interests of justice”.
This followed a request by federal prosecutors to delay the exchange of evidence in the civil matter, in order to avoid damaging the criminal case.
Such requests in parallel criminal and civil cases are common, and usually granted, according to the report.
The criminal case is U.S. v. Sarao, 15-cr-00075, U.S. District Court, Northern District of Illinois (Chicago). The CFTC case is U.S. Commodity Futures Trading Commission v. Nav Sarao Futures Ltd., 15-cv-03398.
13 August 2015 Bail Granted
On 13 August 2015, Navinder Singh Sarao was granted bail by District Judge Purdy, sitting at Westminster Magistrates’ Court, and released from Wandsworth Prison, where he was being detained. As a condition, he must stay within the bounds of the M25 motorway. The amount of his bail security was reduced from £5m to £50,000. A report is here.
During the hearing, it was revealed that Mr Sarao has funds of more than £30m, including £25.5m held in Switzerland and £5m controlled by his lawyers in the US, held in an escrow.
Lawyers for Mr Sarao contended that Mr Sarao had to be released from prison, in order to present evidence to an expert on complex trading activities.
Mr Sarao’s full extradition hearing is scheduled for 24 and 25 September 2015.
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