'Flash crash' trader: I was good at my job

Hadley Malcolm | USA TODAY

A trader accused of contributing to the 2010 stock market "flash crash" asserted he was just good at his job in court Wednesday.

Navinder Singh Sarao's request to waive a 5 million pound ($7.6 million) security payment related to his bail was also denied by a judge in Westminster Magistrates' Court.

At that point Sarao yelled out, "I have not done anything wrong apart from being good at my job. How is this allowed to go on, man?"

Sarao's lawyer argued Sarao, 36, could not meet the payment because his assets have been frozen and asked that it be lowered to 50,000 pounds.

According to the Wall Street Journal, Sarao's lawyer James Lewis said in court: "He is a man of good character. He's 36 years old, he has lived all his life at his parents' home."

Sarao was arrested in London last month and charged by the Justice Department with wire fraud, commodities fraud, attempted manipulation and spoofing – using computer software to quickly place false orders and immediately canceling them.

He is believed to have contributed to the incident exactly five years ago, May 6, 2010, when the stock market plunged nearly 600 points in a matter of minutes and lost nearly $1 trillion in market value.

The U.S. has requested Sarao be extradited to face his charges and alleges that Sarao and his company, Nav Sarao Futures Limited, made $40 million over several years through his schemes, which he conducted from his parents house in Hounslow, United Kingdom.

Contributing: Associated Press