US seeks to extradite UK tech billionaire Michael Lynch

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Autonomy business owner would deal with charges consisting of securities scams, wire scams and conspiracy

The United States has actually officially asked for the extradition of Michael Lynch, the British tech billionaire who offered his business to Hewlett-Packard (HP) in an unfortunate $11.1 bn ( 8.6 bn) offer, to deal with charges consisting of securities scams, wire scams and conspiracy.

The United States embassy in London sent the extradition demand on 21 November for Lynch to stand trial in the United States, according to a court filing dated 1 December.

Lynch, when hailed as Britain’s response to Bill Gates, is fighting the American IT giant in London’s high court.

HP is looking for damages of $5bn from Lynch and his previous chief monetary officer Sushovan Hussain, declaring that they pumped up the worth of their information company, Autonomy , prior to offering it.

Lynch has actually rejected the allegations, stating HP mishandled the acquisition . He is countersuing for loss and damages.

Lynch has actually been arraigned in San Francisco on 17 counts consisting of wire scams, conspiracy and securities scams, which brings an optimal regard to 25 years in jail.

A representative for Lynch stated at the time that the charges were “outright and unwarranted”.

Hussain was sentenced in San Francisco in May to 5 years in jail, fined $4m and bought to surrender $6.1 m after being founded guilty on 16 counts of wire scams, securities scams and conspiracy.

Read more: https://www.theguardian.com/business/2019/dec/01/us-seeks-to-extradite-uk-tech-billionaire-michael-lynch

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