Connect with us


HP wins major fraud case against Autonomy founder and CEO Mike Lynch



Increase / Mike Lynch, former CEO of Autonomy Corp., leaves an extradition hearing at Westminster Magistrates’ Court in London on Tuesday 9 February 2021.

Bloomberg | Getty Images

After years of wrangling, HP won a civil fraud case against Autonomy founder and CEO Mike Lynch. V managerThe largest civil fraud trial in UK history began just hours before the UK Home Secretary approved Lynch’s extradition to the United States, where he faces new fraud charges.

The UK High Court ruled that HP was “significantly successful” in proving that Autonomy executives fraudulently increased the firm’s reported earnings, profits and value. Back in 2011, HP paid $11 billion for the company and later announced an $8.8 billion writedown. In court, HP sought $5 billion in damages, but the judge said the total amount due would be “significantly less” and would be announced at a later date. Kelvin Nicholls, Lynch’s attorney and partner at Clifford Chance law firm, said his client intends to appeal the High Court’s decision. In a later statement, Nicholls said his client is also appealing the extradition order to the UK High Court.

This week’s events are the latest twist in an extradition process that began in November 2019 when the US Embassy in London filed a request that Lynch be tried in the United States on 17 counts, including wire fraud, conspiracy and securities fraud. Lynch denies all charges against him. Nicholas Ryder, a professor of financial crime at the University of the West of England, describes it as “a .45 Colt for the US Department of Justice” – a comprehensive and powerful move. “This is their main charge. The implications for Mr. Lynch are significant.”

At the time of the Autonomy acquisition, the then HP chairman said he was “seriously chickened out” about the deal, according to statements subsequently filed in court. The company said that some former members of Autonomy’s management team “used accounting irregularities, misrepresentations, and disclosure denials to inflate the company’s fundamental financials.” [Autonomy]”. Among them was Lynch, then CEO of the firm.

In 2015, HP filed a UK lawsuit against Lynch, alleging that he was involved in publishing false reports that exaggerated the value of Autonomy’s business. Now, more than a decade after the ink on the deal has dried and nearly seven years since Lynch went to trial, the UK civil case is being complicated by a parallel case involving the US Department of Justice, the consequences of which could be huge for Lynch. In a related lawsuit, his former Autonomy colleague, Chief Financial Officer Sushowan Hussain, was found guilty of fraud in a US court in May 2019, sentenced to five years in prison and fined $4 million, and was also asked to forfeit another $6.1 million.

In July 2021, a London court ruled that Lynch could be extradited, with the judge saying that the findings of the UK civil case would have “very limited relevance” to the US case. Patel has since put off signing an extradition request for a man currently on trial in the UK for similar crimes. But now the case is drawing to a close, and Lynch may run out of options. “He could face a significant prison sentence if found guilty of 17 counts of fraud,” Ryder says of the US criminal charges against Lynch.

The case highlights the curiosity of parallel, bidirectional litigation. “We have a situation where a British citizen who is in the UK is accused of fraud against a US company,” says Thomas Cathey, a solicitor at British immigration law firm Gherson, who followed the Lynch case. This American company used the British courts to file a civil suit. However, the US Department of Justice subsequently wants to bring criminal charges against Lynch in the United States. “There are a lot of factors at play here,” says Cathy, who worked for a previous law firm on the case of Scottish hacker Gary McKinnon, who successfully delayed extradition to the United States thanks to the intervention of the then Home Secretary. Theresa May.

Lynch finds himself embroiled in a transatlantic spat that lawyers have described as unprecedented. Patel found herself in a difficult position: by signing the extradition document, she seemed to confirm that legal proceedings in the US take precedence over the case in the UK. Her decision is also another reminder of the perceived imbalance in the UK-US extradition deal. Ultimately, US prosecutors could use the terms of the 2003 extradition treaty signed between the US and the UK, which allows the US to extradite British citizens for alleged crimes under US law, even if those crimes were allegedly committed in the UK, but not vice versa. . However, not everyone agrees with this point of view. “The story of perceived imbalance often comes from outside the courtroom,” says Richard Cannon, partner at Stokoe Partnership Solicitors, who specializes in criminal and civil defense. “In my experience, courts very rarely can or will consider this.”

Despite this, the case is being closely watched due to the astonishing numbers and its implications for the UK tech and business community. The concern is that the Lynch case could set a precedent for the primacy of one legal system over another. “I think the US has more aggressive powers to take cases like this against people who are not in the UK,” Cathy says. “I think it’s just a general sense of injustice,” he adds.

This story originally appeared on

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


What does it mean to hedge a bet



October 19, 2021

Whether you are betting on sports, investing in stocks, or making any other financial investment, you will be looking at one point to protect your money.

As a simple explanation, hedging your money can be seen as an investment “insurance” to protect yourself from potential losses. In finance, it is used as a strategy or device to limit any potential loss of financial assets and ensure the company’s long-term growth.

Sports betting is the same when the bookmaker or you can set up betting hedging that protects both sides of the outcome.

When a book sets up a hedge, they do so with a cash out feature. This allows you to receive the money earlier, while the bookmaker avoids the risk of paying you the amount that you would have received when all the bets in your bet slip have been completed.

In this article, we will take a closer look at hedging in sports betting and how it can be done. Before we begin, you should know that there is a difference between a hedge bet and an arbitrage bet. Hedging bets are legal while arbitrage bets are illegal and will get you banned.

How to hedge Tennis bet

Hedging in sports betting is usually done on tennis bets. One of the most famous tennis bets you will see is that the underdog forfeits the first set but still plays the 2nd and 3rd sets.

To hedge against this bet, place two separate bets: one for each of the two outcomes. A common way to do this is to hedge with an alternative bet on that match. Let’s say you’re betting on the underdog +3.5 sets in a tennis match. After they have withdrawn from the first set, you must place two bets: one if the player wins the 2nd or 3rd set, and one if he wins the 2nd set but loses the 3rd. You can also hedge with an alternative bet or match on the same tennis event to cut your losses if the first bet doesn’t work. By insuring against losing, you are making less profit than if you just let that bet work and hope for the best.

How to hedge Basketball bet

Hedging a basketball bet can be a bit tricky as there are more outcomes on the spread. One of the best ways to hedge a basketball bet is to place two separate spread bets and another over/under bet.

For you NBA fans, let’s say you’ve watched this game on TV and you think the San Antonio Spurs will win, but their lead is only 1.50. If you look closely at this game, you will notice that Tony Parker is out of the game due to injury. After more research on this team, you will find out that their reserve center is injured and will not play either.

What you want to do is hedge this bet by adding a handicap. In this case, we will immediately give the spread of points, and then add -5 for spurs. This gives us the new San Antonio line -6.5 (1.50 + 3.00 = 4.50).

Now you would like to put this new line on the spurs. If they lose, you win both bets: one on the Spurs +1.50 and the other on San Antonio -6.5 (-110).

How to hedge Baseball bet

Hedging a baseball bet can also be difficult as there are so many different outcomes in the game itself.

Let’s say you bet 1.50 on the Yankees on a game in which A-Rod is going to be a big success. Prior to the first pitch, A-Rod is placed on the disabled list with a hamstring injury and will be out of action for at least two weeks. You cannot leave this bet unchanged, so you will need to hedge against this bet.

One of the best ways to hedge a baseball bet is to place a separate bet on both sides of the line you are betting on. In this case, we want to take our original bet and add a bet to the same bet: A-Rod doesn’t play, and the other one where he plays.

So let’s look at our original string. We want to bet on the Yankees at 1.50 where A-Rod will get hit and be in the starting lineup. After some research, we see that his hamstring injury is not serious and he will hit third in this game against a right pitcher.

Since we know he won’t win this game, we can add a bet that he won’t win to the same bet. In this case, we would bet that A-Rod would go 0-4 with four outs.

As mentioned earlier, the Yankees have about 1.50 favorites to win this game, and you can now bet on both sides of this line. You will now have a Yankees win bet of -1.50 and a bet on A-Rod 0-4 with four outs +650.

Back to all posts

Continue Reading


TikToker Kat Abu is so happy Tucker Carlson got fired



Two weeks before Tucker Carlson was fired, and I hung out with Abughazale and five of her media colleagues in their Navy Yard office overlooking the Anacostia River to watch them watch the Fox News evening line. The space is huge, with open seating and large conference rooms – and very few employees. (Most of the team has been working from home since the start of the pandemic.)

Blonde-haired, blue-eyed, and petite, Abuzale could easily pass for one of Fox News’ talking heads. Indeed, Abugazale has a pretty good idea of ​​what it takes to be the darling of the right on one of the shows she watches daily. “Spell about canceling culture on Twitter, tweet ‘I support J.K. Rowling’, escalate it over and over again,” she said. “Complain, flush and repeat.

“It’s so easy and there’s so much money in it, which is why so many people are into it,” she continued. “All you have to do is whine and be a little racist. To be clear, I’d rather gouge my eyeballs out.”

Abugazale joked that she was born to be a “conservative sleeper agent”. She grew up in a “prosperous” area of ​​Dallas and attended private schools until her second year of high school. Her father is an immigrant from Palestine, and on her mother’s side she is a seventh generation Texan. Their conservative family tuned into Fox News regularly.

As a child, Abugazale also watched over her maternal grandmother – longtime member from the Texas Federation of Republican Women—worked on several GOP campaigns and listened to her enthusiastic descriptions of the party’s ideology. (After her grandmother’s death, Abugazale inherited the mink coat she wore to President Nixon’s inauguration.)

Abugazale was a Republican until her teenage years. She attributes her gradual political awakening to her move to Tucson, Arizona during those years. “At least my high school was low-income or illegal,” she says. “The bootstrap myth has dissipated before my eyes.”

She attended George Washington University in Washington, DC during the Donald Trump years, majoring in international security in addition to studying journalism. After graduating in 2020, she said: “I wanted to work in an organization that was on a good mission, a mission that I believed in, and I didn’t want to work where it was just a job – I wanted to take care of what I do.” The position at Media Matters suited her perfectly.

Media matters describes himself as a “progressive research and information center” dedicated to “comprehensively monitoring, analyzing, and correcting conservative disinformation in the U.S. media.” The group’s website holds footage from both TV shows and online broadcasts, which it uses to track down false narratives or draw attention to how certain issues are covered.

Part of Abuzaleh’s job is to extract television snippets of Fox News moments from her assigned shows and send transcripts to her colleagues so they can follow what’s being said on a wide range of topics on the cable news channel.

Unlike some of his colleagues who use multiple desktop monitors, Abuzaleh does all his work on a laptop. She flips from one tab to another at lightning speed, sends out emails, posts clips on Twitter, and gives snappy replies to people she mentions.

That evening as I watched her work, one of the first fragments she grabbed was the Carlson.wildly racist tiradeabout Tennessee politician Justin Pearson. “You’re here to have a fun evening,” she said, exporting an excerpt from Carlson’s opening monologue. “Strong thing – today he is normal.”

Media Matters employees are sometimes criticized for creating problematic content by posting clips from Fox News. Abugazale sees it differently. “Fox is the most watched cable news channel in the country,” Abughazale said. “They already had a platform. And the fact that they go unpunished does more harm than good.”

Continue Reading


Apple Arcade still exists, adds 20 new games and some of them sound good



Increase / Screenshot from what kind of carone of the most intriguing games from the new additions to Apple Arcade.


Apple Arcade still exists and it’s still a priority – at least that’s the message we’re presenting to Apple. unexpected launch out of 20 new games on the same day aims to send.

New games include (but are not limited to) a Teenage Mutant Ninja Turtles-branded battle game titled Shattered Fate TMNTa Disney-themed Scrabble-style game called enchanted developed in partnership with words with friends co-author, urban planner by name Cityscapes: Sim Builderand the continuation of the hit Arcade What is golf? titled what kind of car (If you haven’t played What is golf? however, you probably should – it’s now available on other platforms as well.)

There are also several remastered versions of premium classics from previous eras of iPhone gaming such as LIMBO, Kingdom of the Two Crowns, Farm Simulator 20, Octodad: the most fatherly catch, Temple Runand Bennet Foddy get over it– think of the likes of Apple, the equivalent of a TV streaming service that also offers episodes of classic TV shows like Office or Star Trek.

This is the biggest trophy we’ve seen for Arcade in quite some time. There has been more of a trickle in the service lately, with one or more games popping up here and there.

Like Apple Arcade’s recent past, the content strategy here seems to be trying to take the best ideas and talent from the open App Store and use them to prove that the idea that “mobile gaming is bad” is completely wrong. – On the one side. partly by caring about quality to counter the mobile signal-to-noise ratio issue on that front, and on the other hand, to deprive games of microtransactions – even in genres that were originally designed around this monetization model.

Apple has correctly identified that the mobile gaming reputation problem stems from the inability of users to get through a lot of bad games (whether bad because of bad content, or because monetization sabotages what would otherwise be a good experience), to find a good thing. There have always been good mobile games; users simply struggled to find them, and many gave up and gave up trying, having too many bad experiences in the process.

However, Apple Arcade’s growth has been limited, in part because the claim that “mobile gaming is bad” wasn’t true from the start. There are hundreds of outstanding mobile games for both iOS and Android, including many free games with reasonable and unobtrusive monetization – so many that it may have been difficult to sell to iPhone owners even at Arcade’s super-cheap price of $4.99 per month . Day. If there are a dozen games you already love and they’re all free, why would you pay $5 a month for others?

Essentially, Apple offers a curated service here. Arcade is like a personal mobile game shopper; you don’t have to spend hours trying out mediocre games on the App Store and googling to figure out where to start. You can just join Arcade and expect a certain minimum level of quality. But you might argue that the same people who have enough desire to have great mobile games to pay monthly fees for them are often the same people who are already willing to invest in the work themselves.

However, Apple Arcade isn’t the only game subscription service that does this. There’s also Netflix Games, which has grown rapidly over the past year and releases games from popular developers for iOS. Including some of them who hosted their new games in Arcade, for example Odyssey Alto Snowman developer launching a new game Laya skyline via Netflix this week.

Games like Laya skyline they can be played on iPhone and downloaded from the App Store, but require a Netflix subscription to play. Lately, Netflix Games has been generating more buzz among influencers and the press than Apple has released Arcade.

Of course, media hype doesn’t necessarily equate to success, and neither Apple nor Netflix have released many details about the performance of individual games.

While Apple Arcade caused some hype immediately upon launch in 2019, reports over the following months suggested that Apple struggled to gain as much ground as possible with it, and much of the noise died down. The company is probably hoping this new flurry of games will rekindle some interest, but the competition is fierce, so we’ll have to wait and see.

Continue Reading


Copyright © 2023 Millennial One Media.