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Ex-Autonomy CFO Banned From Accountancy By UK Watchdog

Autonomy Corp. signage. Photographer: David Paul Morris/Bloomberg (David Paul Morris/Bloomberg)

(Bloomberg) -- The ex-chief financial officer of Autonomy Corp. was banned from being an accountant by the UK’s audit watchdog following a criminal conviction for fraud after a US trial. 

Sushovan Hussain is banned from the industry until Nov. 2038, the Financial Reporting Council said in a statement. He was sentenced to five years in prison after he was convicted in 2018 of accounting fraud by a San Francisco jury.

He was accused, alongside the founder of Autonomy Mike Lynch, of artificially inflating the value of the software company to induce Hewlett Packard Enterprise Co. to acquire the firm for $11 billion. 

The Silicon Valley hardware giant wrote down the value of the company by $8.8 billion just a year later. Lynch was acquitted by a US jury of accountancy fraud in June.

Deloitte LLP was previously fined £15 million pounds by the FRC over its failures in the audit of Autonomy.

©2024 Bloomberg L.P.

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