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Criminal fraud trial of UK tech tycoon Mike Lynch to begin

Co-founder of Autonomy charged with 17 counts of wire fraud, securities fraud and conspiracy in 2011 sale of company to HP

The criminal fraud trial of the British technology tycoon once lauded as “Britain’s Bill Gates” is due to begin in San Francisco on Monday.

Mike Lynch, co-founder of the UK software company Autonomy, stands accused of artificially inflating the software firm’s sales; misleading auditors, analysts and regulators; and intimidating people who raised concerns before its blockbuster takeover by Hewlett-Packard in 2011.

He has pleaded not guilty, having always denied the allegations of wrongdoing. If convicted, he faces up to 25 years in jail.

HP bought Autonomy in an $11.1bn (£8.72bn) deal designed to turbocharge its software business. Barely a year later, however, it wrote down the value of the acquisition by $8.8bn, and alleged “serious accounting improprieties, disclosure failures and outright misrepresentations” at the business.

JoBo ,

Nice of the British state to step in and save HP from its own failure to do due diligence.

When are they going to step in to make my landlord spend the service charges on keeping the building in good repair?

downpunxx ,

he's being tried in san francisco, california, in the united states of america

JoBo ,

Oh. That makes much more sense, thanks.

Mr_Blott , (edited )

Fix your own fuckin apartment mate 😂

Edit - it’s an allegory you morons

autotldr Bot ,

This is the best summary I could come up with:

The criminal fraud trial of the British technology tycoon once lauded as “Britain’s Bill Gates” is due to begin in San Francisco on Monday.

Barely a year later, however, it wrote down the value of the acquisition by $8.8bn, and alleged “serious accounting improprieties, disclosure failures and outright misrepresentations” at the business.

He was awarded an OBE (Order of the British Empire) for services to enterprise in 2006, and appointed in 2011 to the science and technology council of then prime minister David Cameron.

For years Lynch has argued that Autonomy’s underperformance at HP was the result of mismanagement by its new owner, rather than fraud before the takeover.

After posting a $100m bond, he has been required to wear a GPS ankle tag and remain under the watch of armed guards around the clock.

Only in November was he permitted to leave the lavish San Francisco property he has been using a base between 9am and 9pm each day, albeit under strict conditions.

The original article contains 314 words, the summary contains 164 words. Saved 48%. I’m a bot and I’m open source!

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