Former Autonomy CEO Michael Lynch's fraud trial, which began in March, is expected to go to the jury midweek. Photo: Loren Elliott/Bloomberg 'Follow the Money': Feds Close Case Against Michael Lynch in HP Fraud Trial
"Dr. Lynch essentially testified that he doesn't read his email," Assistant U.S. Attorney Robert Leach told the jury. "There's no reason to think he wasn't paying attention."
June 04, 2024 at 11:00 AM
7 minute read
What You Need to Know
- Prosecutors allege Autonomy CEO Michael Lynch used accounting trickery to dupe Hewlett-Packard into buying his company for $11 billion.
- Lynch's defense portrays him as a tech visionary who delegated financial details to others.
- Lynch testified that HP overpaid and then frittered away Autonomy's value by bungling the merger integration.
Autonomy CEO Michael Lynch "had more than 500 million reasons to lie to HP" when he sold the U.K. company to the Silicon Valley giant in 2011, federal prosecutors said during closing arguments Monday in Lynch's fraud case.
Assistant U.S. Attorney Robert Leach spent four hours walking the jury through a complex web of transactions constituting the 14 counts of wire fraud and one count of conspiracy with which Lynch and his former vice president of finance, Stephen Chamberlain, are charged. "There's an old saying for our line of work: Follow the money. It's easy in this case," Leach said.
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