Navinder Singh Sarao, 36, the British financial trader accused of helping trigger a multibillion-dollar US stock market crash, has lost his High Court bid for bail while he fights extradition to America.
Today, Mr Justice Cranston, sitting in London, refused Mr Sarao's renewed application for bail, saying there was "a clear risk" of him taking flight.
British trader Navinder Singh Sarao is accused of artificially manipulating the market by "spoofing", an illegal practice that sees fake trades placed and then cancelled in a matter of seconds.
Court documents filed in the US by the FBI claim Sarao carried out a spoof practice called "layering" - using "commercially available trading software" that allows traders to "communicate with markets as quickly as possible and to place, modify, and cancel multiple orders nearly simultaneously".
Although these electronic trades are cancelled before they are completed, they are in place long enough to have an effect on market prices.
US authorities allege Sarao's layering of "sell orders" on a Chicago futures market led to the "Flash Crash" of May 6, 2010, which saw the Dow Jones Industrial Average fall by around 600 points in five minutes and nearly 1,000 points in less than half an hour.
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