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Court confirms Autonomy CFO defrauded HP investors during acquisition process

(Image credit: Image Credit: Shutterstock)

A US court of appeals has upheld a previous fraud verdict relating to former Autonomy CFO Sushovan Hussain, Reuters has reported.

Earlier this year, Hussain was convicted on 16 different counts of wire fraud, securities fraud and conspiracy to commit fraud, which he and others perpetrated during the $11.1 billion-heavy sale of Autonomy to Hewlett-Packard almost a decade ago.

Sushovan is looking at five years in prison and will be forced to pay $4 million, as well as returning an additional $6.1 million.

Hussain appealed the conviction, claiming American wire fraud laws aren’t valid in the UK, where some of the events took place. He added that the case was based on calls, emails and press releases primarily involving people in California, where HP is headquartered.

“The jury was entitled to reject Hussain’s efforts to minimize the press release and his level of involvement in it,” wrote Circuit Judge Daniel Bress of the 9th U.S. Circuit Court of Appeals in San Francisco.