The high-frequency futures trader who stands accused of contributing to the stock market "flash crash" in May 2010 failed to get his bail conditions reduced Wednesday, and remains in custody.
Judge Ross Cranston told London's High Court that Navinder Singh Sarao posed a "clear flight risk" and refused the application made by Sarao's lawyer, James Lewis.
Sarao has been charged by the U.S. Justice Department. He stands accused of wire fraud, commodities fraud and manipulation, and one count of "spoofing"—when a trader places a bid or offer with the intent of cancelling it before execution.
At an initial hearing in London on April 22, Sarao said he planned to fight extradition to the U.S. and was granted conditional bail by Westminster Magistrates' Court, which was set at £5 million ($7.5 million).
At the time his family members paid a surety of £50,000, but the £5 million payment has yet to be met, and his lawyer argued that U.S. authorities have frozen his assets worldwide.
Two requests to lower the bail surety have now been rejected - the first on May 6 and the second on Wednesday.