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Criminal fraud trial of UK tech tycoon Mike Lynch begins | Autonomy

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********* ****** trial of *** tech tycoon Mike ****** begins | Autonomy

The ********* ****** trial of the British technology tycoon once lauded as “Britain’s Bill Gates” got under way in San Francisco on Monday.

Mike ******, co-founder of the *** 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.

In 2019 ****** was indicted by a federal grand jury. He has been charged with 17 counts of wire ******, securities ****** and ***********. This trial covers 16 of the counts.

****** was previously lauded for his achievements. 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. He also served on the board of the BBC, and established an investment firm that backed Darktrace, the cybersecurity firm.

For years ****** has argued that Autonomy’s underperformance at HP was the result of mismanagement by its new owner, rather than ****** before the takeover. He has spent much of the past year preparing for trial under house arrest.

****** was extradited from the *** to the ******* States last May. 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.

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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.

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#********* #****** #trial #tech #tycoon #Mike #****** #begins #Autonomy

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