Tuesday , July 14 2020

US seeks to extradite UK tech billionaire Michael Lynch – The Guardian, Theguardian.com

The United States has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his company toHewlett-Packard(HP) in an ill-fated $ 11 .1bn (£ 8.6bn) deal, to face charges including securities fraud, wire fraud and conspiracy.

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

Lynch, once hailed as Britain’s answer to Bill Gates, is battling the American IT giant in London’s high court.

HP is seeking damages of $ 5bn from Lynch and his former chief financial officer Sushovan Hussain, alleging that they inflated the value of their data firm,Autonomy, before selling it.

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

Lynch has been indicted in San Franciscoon 17 counts including wire fraud, conspiracy and securities fraud, which carries a maximum term of 25 years in prison . *****

A spokesman for Lynch said at the time that the charges were “baseless and egregious”.

Hussain was sentenced in San Francisco in Mayto five years in prison, fined $ 4m and ordered to forfeit $ 6.1m after being convicted on 16 counts of wire fraud, securities fraud and conspiracy.

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