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United States requests extradition of ex-Autonomy boss Lynch from UK

Stock Markets Dec 01, 2019 10:37PM ET
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© Reuters. FILE PHOTO: British entrepreneur Mike Lynch leaves the High Court in London

LONDON (Reuters) - The United States has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his data company Autonomy to Hewlett Packard (N:HPE) (HP) in an ill-fated $11.1 billion deal, to face charges including securities fraud, wire fraud and conspiracy.

The U.S. embassy in London submitted the extradition request on Nov. 21 for Lynch to stand trial in the United States, according to a court filing dated Dec. 1.

Lynch, once hailed as Britain's answer to Bill Gates, is currently battling the American IT giant in London's High Court.

HP is seeking damages of $5 billion from Lynch and Sushovan Hussain, the former chief financial officer of Autonomy, alleging that they inflated the value of the company before selling it. HP took an $8.8 billion writedown a year after buying Autonomy.

Lynch has denied the accusations, saying HP mismanaged the acquisition. He is counter-suing for loss and damages.

The extradition order relates to Lynch's indictment in San Francisco on 17 counts including wire fraud, conspiracy and securities fraud, which carries a maximum term of 25 years in prison.

A spokesman for Lynch has said the charges are "baseless and egregious".

Hussain has already been sentenced in San Francisco, receiving a five-year prison term and a $4 million fine in May. He was also ordered to forfeit $6.1 million after being convicted on 16 counts of wire fraud, securities fraud and conspiracy.

Hussain was granted bail in June while he appeals his conviction. In allowing the appeal, the U.S. Court of Appeals for the Ninth Circuit said it raised a "substantial question" of law.

United States requests extradition of ex-Autonomy boss Lynch from UK
 

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Comments (4)
Mary Miller
Mary Miller Dec 02, 2019 5:48AM ET
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This sounds wierd . there is no way people missed all of this illegal activity.
Kenny Venezia
Kenny Venezia Dec 01, 2019 6:42PM ET
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yeah but he's not worried because when you have this kind of money you could drag out the case like this for a decade at which time the government will fizzle
Kaveh Sun
Kaveh Sun Dec 01, 2019 3:33PM ET
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This guy software is almost worthless. The faked it to sell to Leo , hp ceo, Leo was trying to save his job. Leo mismananged hp badly.
Jack AAA
Jack_A Dec 01, 2019 2:36PM ET
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ridiculous
 
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