'Hound of Hounslow' admits Wall Street flash crash fraud

The British financial trader, dubbed as the "Hound of Hounslow" is facing 30 years in prison after admitting to helping trigger a Wall Street "flash crash" in 2010.

Navinder Singh Saroa admitted wire fraud and spoofing for his role in the crash that wiped tens of billions of pounds off the value of US shares.

Spoofing is where traders place false orders using an automatic system in order to create an impression of demand, pushing prices up.

The 37-year-old was sent to the US in October after losing a challenge against extradition.

US authorities claim he earned up to $40m (£33m) through his activities.

Sarao initially faced 22 charges which carry sentences totalling a maximum of 380 years.

He will be released on a $750,000 bond and allowed to return to the UK and family members offered their homes as security.