Autonomy founder Mike Lynch flown to US for HPE fraud trial

Autonomy founder Mike Lynch has been extradited to the US beneath felony costs that he defrauded HP when he bought his software program enterprise to them for $11 billion in 2011.

The 57-year-old is dealing with allegations that he inflated the books at Autonomy to generate the next sale worth for the enterprise, the worth of which HP subsequently wrote down by billions of {dollars}.

The tycoon misplaced his enchantment in opposition to extradition final month when the Excessive Court docket of England and Wales refused his request to reverse a call by then House Secretary Prti Patel in January final yr that he ought to stand trial within the US.

“On April 21, the Excessive Court docket refused Dr Lynch’s permission to enchantment his extradition. In consequence, the conventional 28-day statutory deadline for give up to the US applies,” a spokesperson for the House Workplace advised The Register.

“Dr Lynch was extradited to the US on Could 11,” they added.

In accordance with one report, the chief was flown to California, San Francisco to be particular, yesterday and is in custody after a choose dominated that was he was a “critical” flight danger. Bail was set at $100 million, and in addition required the Brit to fork out for armed safety and video surveillance as he will likely be beneath home arrest.

“There’s nothing maintaining him right here, past the fees he faces on this courtroom,” District Choose Charles Breyer reportedly mentioned of Lynch, who’s estimated to be price $400-450 million.

Lynch was flown to the US to face trial over 17 costs of fraud and false accounting associated to the sale of Autonomy. He has repeatedly denied any wrongdoing, saying that HP senior administration botched the combination of the enterprise, and for this reason it misplaced worth.

A civil lawsuit introduced by HPE – HP break up in two to turn into HPE and HP Inc – in opposition to Lynch and Autonomy former CFO Sushovan Hussain concluded in January final yr. Excessive Court docket trial choose Mr Justice Hildyard dominated that HPE had “considerably succeeded” in its fraud trial however mentioned damages could be lower than the $5 billion HPE had claimed.

Hussain was sentenced to 5 years in a US jail in 2019 on convictions of wire fraud. ®