Legal News

A City trader who was dubbed “The Hound of Hounslow” has been released on bail, after admitting he had £30 million-worth of assets.

The Daily Mail reports that 36-year-old Navinder Singh Sarao is accused of allegedly caused a £500 billion financial crash in 2010 – known as the “flash crash”.

He was accused of wiping billions of dollars from the US stock markets in a matter of seconds through a series of scams operated from his parents’ house in Hounslow, west London.

The US authorities are seeking to extradite him and since April he has been fighting extradition.

Westminster Magistrates’ Court heard that Sarao had millions in Swiss bank accounts – as well as assets in an African investment company.

As a result of disclosing £30m in assets, bail was halved to £2.5m. He had previously failed to raise the £5m bail.

In court, Sarao spoke only to tell the judge that he understood the terms of his bail, which included not logging on to the Internet for “fiscal transactions”.

Duncan Lewis Criminal Solicitors

Duncan Lewis criminal solicitors can advise at any stage of a charge involving financial crime, including company fraud, financial fraud, false accounting, tax evasion, VAT fraud and white-collar crime.

There are Duncan Lewis offices nationwide – and our specialist crime solicitors can advise before a criminal charge is brought, or as soon as an investigation by the police, City of London Police, HMRC, FCA or other investigating authority is launched.

Duncan Lewis can also advise on extradition and appeals against extradition from the UK to face criminal charges in another jurisdiction.

For expert legal advice on financial crime, call Duncan Lewis criminal solicitors on 020 7923 4002.

For 24/7 help at a police station, call the Duncan Lewis Emergency Hotline on 020 7275 2036.