A British financial trader has admitted to assisting a mutli-billion dollar crash on the US financial market, from his parents' home in Hounslow .

Navinder Singh Sarao , also known as the " Hound of Hounslow " is said to have raked in more than $12million during his schemes to manipulate financial markets over several years.

The 37-year-old has been released, after a US judge agreed on a $750,000 bond secured against his parents' house in Clairvale Road in Heston, while he assists investigstions.

He could face up to 30 years in jail after admitting to causing the financial markets to plummet.

According to reports, the Dow Jones plunged 600 points in just five minutes, stripping US share values of tens of billions of pounds.

Sarao's parents' home in Hounslow where he manipulated the markets

Sarao was sent to the US in October after he lost a High Court challenge against a decision to extradite him, report the Evening Standard.

Prosecutors in the UK claimed that he made $875,000 on May 6, 2010 and faced 22 charges of fraud, manipulation and "spoofing".

On Wednesday November 9, Sarao appeared in Court in Chicago where he admitted one count of wire fraud and one of spoofing - which refers to making a bid with the intent to cancel it, causing prices to be manipulated, under a plea bargain.

Sarao could face decades in jail

According to court documents, in the aftermath of the crash, he bragged to a broker over email that he had told a Chicago exchange official who questioned his trades "to kiss my" behind.

The court heard of how Sarao was socially awkward and had lived with his parents most of his life.

Bound by the terms in his bond, Prosecuters believe the 37-year-old will be more co-operative if he was not behind bars, but also warned he risked "destroying his parents' lives" should he break the terms of the bond.

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