A British trader accused of helping trigger a US stock market crash through a company registered at his modest London home was granted bail Friday and free to leave prison. Navinder Singh Sarao, 36, was arrested in London in April at the request of US authorities, and has been behind bars since failing to stump up the £5 million (7 million euros, $7.5 million) security initially imposed by London''s Westminster Magistrates'' Court.
But the amount of his bail was on Friday reduced to £50,000, which the court said had been taken. Sarao stands accused of making millions in high-frequency trading. He has vowed to fight extradition to the United States. As part of his bail conditions, Sarao must remain within the bounds of the M25 motorway, which forms a loop around outer London, and adhere to restrictions on using the Internet for financial purposes.
The original bail sum was the amount Sarao allegedly had in his trading account, but the suspect said he was unable to access sufficient funds. US officials allege his trades contributed to the May 2010 "Flash Crash," when US stocks plunged 600 points in five minutes. His opposition to extradition paves the way for a protracted legal battle, which could last years.