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Autonomy ex-finance chief sentenced to jail for HP fraud

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Autonomy’s former finance boss has been sentenced to 5 years in jail for fraud, linked to the $11bn sale of the UK software program agency to Hewlett Packard.

British citizen Sushovan Hussain faces jail within the US after being discovered responsible final 12 months of 16 counts of securities and wire fraud.

HP wrote down the worth of Autonomy by $eight.8bn one 12 months after shopping for it resulting from “severe accounting improprieties”.

Mr Hussain was additionally fined $4m and should pay an extra $6.1m in restitution.

HP claims that Autonomy inflated its revenues and a court docket discovered that Mr Hussain made false statements to buyers concerning the firm forward of the deal in 2011.

Decide Charles Breyer stated that in his place as chief monetary officer, Mr Hussain had “corrupted numerous harmless folks” and “may direct individuals who had been subordinate to [him] to commit some of these offences”.

Throughout the sentencing at a San Francisco court docket on Monday, Mr Hussain stated: “My household have suffered a lot however been unwavering in assist. I am deeply sorry for the ache and struggling I’ve prompted them. I hope I will be worthy of their compassion.”

His legal professionals stated they’ll enchantment the conviction.

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Mike Lynch, founding father of Autonomy, is being sued by HP within the UK however he’s countersuing the US agency

Mr Hussain can be being sued within the UK by HP together with Autonomy’s founder Mike Lynch for $5bn over claims they “dedicated a deliberate fraud over a sustained time period” to artificially inflate the agency’s worth.

Each Mr Hussain and Mr Lynch have denied the claims.

Mr Lynch is counter-suing HP for at the least $125m in damages for making “a collection of false, deceptive and unfair public statements”.

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