UK Tech Entrepreneur Lynch Extradited To the US on Fraud Charges (reuters.com) 18
Mike Lynch, co-founder of UK software firm Autonomy, has been extradited to the United States to face criminal charges in a near decade-long legal battle and fall from grace for a man once hailed as Britain's answer to Bill Gates. From a report: Lynch faces 17 charges over Hewlett Packard's (HP) $11 billion acquisition of Autonomy, the company he grew into Britain's leading tech company, before it spectacularly unravelled after being bought by HP in 2011. Britain's interior ministry said on Friday that Lynch was extradited on May 11. He arrived in San Francisco on a commercial flight accompanied by U.S. Marshals, court documents show.
Appearing in court on Thursday, Lynch was ordered by a judge to pay a $100 million bond, hand over his passport and to be placed under 24 hour guard to secure his release. Lynch, 57, who has always denied any wrongdoing, could face 20 years in prison. Once lauded by academics, scientists and politicians for setting up a software giant from his ground-breaking research at Cambridge University, he has spent the last decade fighting lawsuits related to the HP takeover.
Appearing in court on Thursday, Lynch was ordered by a judge to pay a $100 million bond, hand over his passport and to be placed under 24 hour guard to secure his release. Lynch, 57, who has always denied any wrongdoing, could face 20 years in prison. Once lauded by academics, scientists and politicians for setting up a software giant from his ground-breaking research at Cambridge University, he has spent the last decade fighting lawsuits related to the HP takeover.
Caveat emptor (Score:3, Informative)
HP failed to do due diligence, paid 66% more than they should have, then suffered from buyers regret.
Re:Caveat emptor (Score:4, Informative)
This guy ripped off a large connected corporation which is why he is being prosecuted bigly. If he had formed a direct to consumer business and sold shoddy inferior products to millions of end users and made the same amount of money overall there would be no prosecution. His company would merely pay a fine and lawsuit settlements that sounds large but would amount to about 25% of the ill-gotten gains. Future entrepreneurs take note.
Re: (Score:2)
This guy ripped off a large connected corporation
Umm, no he didn't.
To summarise; HP greedily shot themselves in the foot, then cried foul!
Re:Caveat emptor (Score:4, Interesting)
it appears he did, his accountant is already serving prison for it, and it doesn't look like his flamboyant obe title is going to save him, at least from paying back a huge chunk of money.
hp may be indeed greedy and even incompetent, but mostly importantly in this case they were the wrong people to piss off.
Re: (Score:1)
His accountant is in prison because Septics like imprisoning people. He also did no wrong but didn't fight extradition.
There's also nothing flamboyant about an OBE, it's awarded not, as in the American tradition, bought.
So much, so uninformed .
Re: (Score:2)
oh, i see, this is about nationalism!
may i offer you a candid image in these trying times? ...
https://image.guardian.co.uk/s... [guardian.co.uk]
have good day, sir
Re: (Score:2)
If he had formed a direct to consumer business and sold shoddy inferior products to millions of end users and made the same amount of money overall there would be no prosecution.
Nope, he didn't found HP.
Billy (Score:2, Funny)
If he's Britain's answer to Bill Gates, then he's probably getting what he deserves. Now, do Bill.
Re: (Score:1)
Oh do grow up!
Buyerâ(TM)s Remorse (Score:1)
Should have bought Teradata, would have got good blue chip customers.
Hard to see how HP passed up on Teradata and went for this crowd in the end.
Re: (Score:1)
Simple mate, they were blinded by greed.
As a consequence the above shit storm happened.
Re: (Score:2)
Who was blinded by greed? HP or Lynch?
Re: (Score:2)
both
Shame on UK (Score:2)
UK Tech Entrepreneur to be Lynched and Extradited (Score:2)
I read the title as UK Tech Entrepreneur to be Lynched and Extradited to the US on Fraud Charges. Wow, that's severe!