Tech tycoon Mike Lynch cleared of all fraud charges in Hewlett-Packard trial

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British tech tycoon Mike Lynch was recovered not blameworthy connected Thursday connected each 15 counts of fraud he faced complete nan $11.1bn acquisition of his institution Autonomy by Hewlett-Packard successful 2011.

Lynch’s proceedings began successful March successful San Francisco aft a lengthy conflict complete his extradition from England to nan US. He was first charged successful 2018, accused of inflating sales, misleading regulators and duping his eventual buyer.

HP wrote down nan full worth of his institution by billions of dollars soon aft nan woody closed, alleging it discovered awesome accounting improprieties. Lynch went connected proceedings charged pinch 16 counts of ligament fraud, securities fraud and conspiracy, but nan securities fraud complaint was dropped.

Lynch himself testified arsenic nan last witnesser successful nan proceedings earlier assemblage deliberations. The redeemed entrepreneur has maintained his innocence passim nan proceedings, proclaiming that nan institution he founded and led was not fraudulent moreover arsenic he admitted it was “not perfect”.

The erstwhile CEO claimed he had small knowledge of nan company’s day-to-day business dealings, aliases its accounting practices, arsenic his ain inheritance was much technical. He foisted blasted for accounting irregularities – nan root of HP’s claims of fraud aft nan woody had been completed – connected different executives and nan company’s employees. He said he often delegated tasks.

For their part, prosecutors called Lynch nan “driving force” astatine nan helm of a years-long fraud, laying blasted squarely astatine his feet arsenic nan CEO. They called much than 30 group to nan stand, whom Lynch described arsenic “a parade of witnesses I’ve ne'er met”. Many had trouble recounting circumstantial conversations aliases recalling decisions made astir a decade and a half ago.

The cardinal declare by nan US authorities against Autonomy progressive nan company’s alleged concealment of its income of hardware. The institution marketed itself arsenic a package institution but allegedly often sold some hardware and package arsenic a package truthful arsenic to artificially boost sales. Prosecutors allege Lynch “paid customers to bargain software” arsenic a intends of ginning up millions successful fraudulent revenue.

Lynch was astatine 1 clip heralded arsenic a awesome occurrence of nan British exertion industry, earning an Order of nan British Empire successful 2006 and elections arsenic a chap to some nan Royal Academy of Engineering and nan Royal Society successful 2008 and 2014, respectively.

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Source theguardian
theguardian