The British financial trader accused of sparking the multi-billion dollar 'flash crash' has lost his High Court bid for bail while he fights extradition to America.
Navinder Singh Sarao, 36, has remained behind bars after failing to have the payment of a £5 million security removed from his bail conditions.
Today, Mr Justice Cranston, sitting in London, refused his renewed application for bail, saying there was "a clear risk" of him taking flight.
Sarao was arrested on April 21 at the request of the US authorities, who want him extradited to face allegations that he helped cause the so-called Flash Crash on Wall Street in 2010 from his parents' home 3,500 miles away in Hounslow, west London.
The US Justice Department claims Sarao and his company, Nav Sarao Futures Limited, made £26 million illegally over five years.
He faces 22 charges including wire fraud, commodities fraud and market manipulation, which carry sentences totalling a maximum of 380 years.
The former bank worker and Brunel University student has had his assets frozen and has remained in custody since his arrest because the £5 million security has not been paid.
A security of £50,000 must also be provided by his parents, as well as other conditions.
Today, Mr Lewis asked Mr Justice Cranston to rule that the £5 million security condition had been imposed unlawfully because the freezing of Sarao's assets made complying with it impossible.
Mr Lewis argued, as Sarao's parents and a brother sat at the back of the court, that he would never flee the country and betray his "tight-knit family" and lose them their £50,000 life savings.
Dismissing the application, the judge said: "There is a clear flight risk - that is why the experienced district judges imposed the condition."
Sarao's solicitor, Richard Egan, said after the ruling that the family was "obviously disappointed".
He added: "The door has been left slightly ajar for us to come back again."
