US Grand Jury Indicts Former Autonomy CFO

US grand jury indicts former Autonomy CFO

SAN FRANCISCO, , (Pakistan Point News - APP - 12th Nov, 2016 ) - An indictment has been issued by a US grand jury for a former Autonomy executive accused of inflating British software firm's financial performance before Hewlett-Packard paid $11 billion for it in 2011. Former Autonomy chief financial officer Sushovan Hussain of Britain was charged with fraud and conspiracy crimes carrying a maximum sentence of 20 years in prison. The indictment issued in San Francisco Federal court on Thursday calls for Sushovan to surrender at least $7.

7 million he made from his shares in publicly traded Autonomy when it was bought by HP in what turned out to be a disastrous deal. Beginning in October of 2009 or even earlier, Sushovan and others engaged in a scheme to inflate Autonomy's financial performance to earn bonuses, gain prestige, drive up the share price, and get more money from a buyer, according to the indictment. The scheme included false entries in books and records, as well as "intimidating, pressuring, and paying off" people who criticized or complained about its accounting practices, the indictment said.