The criminal fraud trial of the British technology mogul once referred to as “Britain’s Bill Gates” is set to commence today in San Francisco.
Mike Lynch, the co-founder of British software company Autonomy, stands accused of artificially boosting the software company’s sales, deceiving auditors, analysts, and regulators. In 2011, before Hewlett-Packard’s significant takeover of the company, he even threatened those who raised concerns.
He has consistently denied any wrongdoing and maintains his innocence. If found guilty, he could face up to 25 years in prison.
HP purchased Autonomy in an $11.1bn (£8.72bn) deal to enhance its software business. However, just a year later, they reduced the purchase price by $8.8 billion, citing accounting irregularities and misstatements in the business.
In 2019, Lynch was indicted by a federal grand jury on 17 charges, including wire fraud, securities fraud, and conspiracy.
Despite past accolades, including an OBE in 2006 for his contributions to enterprise and an appointment to Prime Minister David Cameron’s Science and Technology Council in 2011, Lynch’s current situation is dire. He has spent the past year under house arrest preparing for trial.
Lynch was extradited from Britain to the US last May. After posting $100 million bail, he was required to wear a GPS ankle tag and be under constant surveillance by armed guards.
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In a first-time allowance back in November, he could leave the luxurious San Francisco compound where he is based daily between 9 am and 9 pm, albeit with strict conditions.
Source: www.theguardian.com
