autotldr@lemmings.world
on 06 Jun 2024 21:45
nextcollapse
This is the best summary I could come up with:
British tech tycoon Mike Lynch was found not guilty on Thursday on all 15 counts of fraud he faced over the $11.1bn purchase of his company Autonomy by Hewlett-Packard in 2011.
HP wrote down the entire value of his company by billions of dollars soon after the deal closed, alleging it discovered major accounting improprieties.
He foisted blame for accounting irregularities – the source of HP’s claims of fraud after the deal had been completed – on other executives and the company’s employees.
For their part, prosecutors called Lynch the “driving force” at the helm of a years-long fraud, laying blame squarely at his feet as the CEO.
Prosecutors allege Lynch “paid customers to buy software” as a means of ginning up millions in fraudulent revenue.
On Thursday, Lynch’s attorneys Christopher Morvillo and Brian Heberlig declared that the jury had delivered a “resounding rejection” of the government’s “profound overreach” in this case.
The original article contains 515 words, the summary contains 152 words. Saved 70%. I’m a bot and I’m open source!
Imgonnatrythis@sh.itjust.works
on 06 Jun 2024 23:53
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Always nice to see billionaire ceos getting what they don’t deserve.
threaded - newest
This is the best summary I could come up with:
British tech tycoon Mike Lynch was found not guilty on Thursday on all 15 counts of fraud he faced over the $11.1bn purchase of his company Autonomy by Hewlett-Packard in 2011.
HP wrote down the entire value of his company by billions of dollars soon after the deal closed, alleging it discovered major accounting improprieties.
He foisted blame for accounting irregularities – the source of HP’s claims of fraud after the deal had been completed – on other executives and the company’s employees.
For their part, prosecutors called Lynch the “driving force” at the helm of a years-long fraud, laying blame squarely at his feet as the CEO.
Prosecutors allege Lynch “paid customers to buy software” as a means of ginning up millions in fraudulent revenue.
On Thursday, Lynch’s attorneys Christopher Morvillo and Brian Heberlig declared that the jury had delivered a “resounding rejection” of the government’s “profound overreach” in this case.
The original article contains 515 words, the summary contains 152 words. Saved 70%. I’m a bot and I’m open source!
Always nice to see billionaire ceos getting what they don’t deserve.