"UK Tech Tycoon Mike Lynch Faces Trial for Alleged Massive Fraud in US"
UK tech tycoon Mike Lynch is accused by US prosecutors of orchestrating a "massive fraud" to inflate revenue at his software startup, Autonomy Corp., and deceive Hewlett Packard into purchasing it for $11 billion in 2011. The prosecution alleges that Lynch used accounting tricks such as back-dating contracts and overpaying for unnecessary services to artificially boost revenue. Lynch, who was extradited to the US last year, faces multiple charges including wire fraud and securities fraud, with the most serious charge carrying a maximum 25-year prison term if convicted. Lynch's defense argues that he was made a scapegoat for Hewlett Packard's subsequent $8.8 billion write-down, attributing the fault to the Silicon Valley giant.