Judge Orders Extradition to U.S. in ‘Flash Crash' Case

Mr. Sarao will not be sent back to the United States immediately, however. The judge's decision will be forwarded to the secretary of state of Britain, who will have two months to review it and make the order official. Mr. Sarao's lawyers said they would appeal the decision following the secretary of state's review. He remains free on bail during the review.

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A British futures trader, Mr. Sarao is facing 22 criminal charges, including wire fraud and commodities manipulation. If convicted on all charges, he could face a prison sentence of more than 300 years.

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Yet the judge also seemed to share the view that Mr. Sarao's role in the flash crash, if he had one, was minor. The causes of the flash crash "were not a single action and cannot on any view be laid wholly or mostly at Navinder Sarao's door, although he was acting on the day," the judge said in his written order. "In any event, this is also a single trading day in over 400 relied upon by prosecutors."