UK court grants bail to trader accused in 2010 Wall Street 'flash crash'
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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.
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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.