A London-based trader accused of contributing to the 2010 Wall Street "flash crash" by placing bogus orders to spoof the market lost his legal bid to stop extradition on Friday and will now be sent to the United States to face trial.
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.
He has denied any wrongdoing and in his only public comment said he was just good at his job.
A judge initially approved his extradition in March, and on Friday 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.
U.S. authorities say Sarao used a modified computer program to "spoof" markets by generating large sell orders that pushed down prices. He then cancelled those trades and bought the contracts at the lower prices, reaping a roughly $40 million profit.