The man accused of the mini-Wall Street crash indicted in the United States

rynokThe british broker accused by the United States to be partly responsible for the mini-crash of may 2010, has been indicted by a us federal court in Chicago, it was learnt on Thursday of justice source.

Navinder Singh Sarao, 36 years old, under the blow of a request for extradition of american justice, has been indicted by a Grand Jury, which met in closed session to consider whether there were grounds to prosecute him for the alleged facts.

Arrested in April in the home of his parents where he resided in the suburbs of London, Navinder Sarao had been released on bail by a british court in mid-August.

Accused of pocketing $ 40 million through fraudulent manipulation, it is referred to in the United States by 22 charges, including wire fraud and manipulation in futures contracts on the Chicago Mercantile Exchange (CME) and ” spoofing “, a technique of manipulation that is to pretend to buy or sell a security with the intent to cancel this at the last moment.

A hearing on his extradition is expected in Great Britain September 24 and 25.

According to the text of the court decision issued Thursday, he would have begun his attempts to manipulate markets as of January 2009.

The CFTC, the american authority of derivative products, had previously indicated that he had been “very active” on the market during the session of the “Flash crash” on may 6, 2010.

On this day, in a context of high volatility, while concerns about the weight already on the Greek debt, the Dow Jones had fallen 600 points in a few minutes after a fall in the price of the E-minis. These futures contracts are electronic-based stock market index, Standard and Poor’s 500. A report at the time of the gendarme u.s. stock exchange, the SEC, had mentioned that 140 000 orders sales of E-minis were shaken at the same time, leading in turn to a sharp sell-off on Wall Street.

Mr. Sarao had indicated before the british courts do not have ” nothing to hide, apart from being good in(s) we are working on “.

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