Articles about Serious Fraud Office

A businessman in handcuffs

Former Autonomy CFO indicted in USA for misleading investors

Updated The long-running spat between HP and the company formerly known as Autonomy has taken another turn, with Autonomy's former chief financial officer Sushovan Hussain indicted in a San Francisco court last week. The move was immediately criticised by a collective of former Autonomy executives as the Department of Justice (DoJ) “ …

Ex-Autonomy CEO Mike Lynch sues HP for $150m+

Autonomy founder and ex-CEO Mike Lynch is suing HP for at least $150m (£100m) in damages over its assertion that he helped cook the books to inflate the price it paid for the software firm. Back in the summer of 2011, HP forked out $10.7bn to acquire Autonomy. Little over a year later, the US giant accused Lynch of …
Paul Kunert, 01 Oct 2015
gavel_judgment_channel

Vatican 'ghost account' claims as reseller wades into Autonomy-HP legal struggle

MicroTechnologies, a reseller caught up in the long running HP/Autonomy legal battle, has itself fired a legal salvo at the US behemoth. MicroTech claims it is owed millions of dollars for software that was paid for but never delivered. MicroTech was named in HP’s claims against former Autonomy CEO Mike Lynch, saying that he …
Paul Kunert, 19 May 2015

HP blasts $5.1bn sueball at ex-Autonomy execs, Lynch preps return fire

As it has long threatened to do, HP has sued two former Autonomy executives, accusing them of impropriety related to the two companies' financially disastrous 2011 merger. The Palo Alto, California firm filed suit against Autonomy cofounder Mike Lynch and former CFO Sushovan Hussain at the High Court in the UK on Monday, over …
Neil McAllister, 31 Mar 2015

SFO: 'Insufficient evidence' for conviction over HP-Autonomy deal

Updated The Serious Fraud Office has retracted its probe into the sale of Autonomy to HP in 2011 on grounds that the information presented to it provides "insufficient evidence for a realistic prospect of conviction". The investigation began in early 2013, following a referral from HP. In 2012, the company alleged Autonomy had " …
Kat Hall, 19 Jan 2015
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It's a bad day to be Serco's CEO... or an investor, come to that

Scandal-hit integrator Serco today issued its fourth profit warning of this fiscal and calendar year, confirmed a £1.5bn write-down and provision to cover to loss-making contracts and effectively exited private sector business process outsourcing. The financial markets reacted negatively, sending the company’s share price …
Paul Kunert, 10 Nov 2014
android tongue

DROIDS - everywhere! Is Apple really even in the game any more?

DroidCon 14 Reg bad-boy Dom Connor was walking the halls at DroidCon recently - this is what he saw ... DroidDrones Flyver was among the exhibitors at DroidCon 2014, where it unveiled an API that works with your Android phone to control a drone. It's also selling a bundle of sensors, battery and processor that's light and cheap enough …
Dominic Connor, 04 Nov 2014
Larry Page's new yacht, 'Senses'

Hey, HP shareholders! Mike Lynch is set to buy a 180-foot superyacht with his Autonomy loot

Exclusive Mike Lynch, the man whose sale of software biz Autonomy to HP resulted in an $8.8bn writedown at the US titan and ongoing probes by the Serious Fraud Office, the US Justice Department and the SEC, is set to splash out some of his gains on an enormous yacht. Sources tell The Register that Lynch is engaged in purchasing a …
Paul Kunert, 12 Sep 2014
Terror at 20,000 feet

'Everywhere I look ... it's bad': HP claims email shows Autonomy CFO panic, pre-buyout

In the latest court filing in HP's rancorous legal squabble with former Autonomy execs, the tech giant has revealed what it describes as a damning email from ex-Autonomy CFO Sushovan Hussain, prompting a spokesperson for the latter to again accuse HP of "smear tactics." HP is seeking to settle a lawsuit brought by its own …
Neil McAllister, 06 Sep 2014
Whale Oil

NZ Justice Minister scalped as hacker leaks emails

A hacker has claimed the scalp of New Zealand Justice Minister Judith Collins by releasing information showing a purported campaign to undermine government officials. The revelations, revealed last month, came from a hacker known as RawShark (@whaledump), who broke into the email account of conservative blogger Cameron Slater …
Darren Pauli, 01 Sep 2014

Serco welcomes former CSC boss to run gov unit

Gardening leave is almost over for former CSC UK bigwig Liz Benison, who is set to rock up at Serco to run its Brit and European local and regional government division from the start of next month. As revealed by The Channel back in April, Benison was replaced at the CSC helm by ex-Cognizant veep Dr Sanjiv Gossain, at the same …
Paul Kunert, 08 Aug 2014

HP says it will sue former Autonomy CFO Sushovan Hussein

HP has confirmed that it plans to sue Sushovan Hussain, the former chief financial officer of data analytics software firm Autonomy, whom HP claims "was one of the chief architects of the massive fraud" that forced HP to write down $8.8bn of the $10.2bn it paid to acquire Autonomy in 2011. In documents [PDF] filed with the US …
Neil McAllister, 04 Aug 2014

Did HP just tip its hand on Autonomy? Spoiler: It was a busted flush

Analysis Autonomy has come under fire for a software deal between itself, reseller MicroTechnologies, and the Vatican – but all is not as it seems. A report published by Reuters on Friday attempted to shed light on HP-owned Autonomy's strange deal to sell technology worth $11.55m to MicroTechnologies, which was bidding on a contract to …
Jack Clark, 18 Jul 2014

Ex-Autonomy boss Mike Lynch goes nuclear: Claims HP 'misleads' its own shareholders

Mike Lynch, former chief of HP-owned Autonomy, tossed an explosive shareholder letter onto the internet today – just hours before HP's annual investors' meeting in Santa Clara, California. The scathing missive alleges Hewlett-Packard has been "misleading" its shareholders about the reasons behind the computer giant's $8.8bn …
Jack Clark, 19 Mar 2014
credit card-sized buddi attached to belt loop of denim jeans

Hey, MoJ, we're not your Buddi: Brit firm abandons 'frustrating' crim-tagging contract

Talks between the UK Ministry of Justice and British firm Buddi for a new system to electronically tag criminals have broken down after Buddi's founder claimed the MoJ wanted a system that was a "figment of their imagination". Sara Murray, who is a member of business secretary Vince Cable's "entrepreneurs' panel", said in a …

Outsourcing giant Capita gets share boost from confident outlook

The London stock market was pleased by Capita's 14 per cent rise in annual profits (before tax) today, sending shares up almost six per cent in the first half of the day. Not only had the British outsourcing group pulled in more profits for fiscal 2013, it also said it was feeling pretty chipper about this year, after winning …

HP 'KNEW' about Autonomy's hardware sales BEFORE the whistle blew: report

HP knew about Autonomy's hardware and reseller sales long before a whistleblower pointed them out and the company wrote down its acquisition by $8.8bn, the Financial Times has claimed (paywall), citing emails and Deloitte audit reports. HP has accused Autonomy of "accounting improprieties, misrepresentations and disclosure …
management management1

HP clinches six week extension on whether to join shareholders' suit against Autonomy

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over. The company was given until last Friday to think about recommendations by a committee of independent directors over the …
HP Autonomy homepage screen

US Air Force turns up dubious Autonomy accounting in reseller contracts probe

An investigation by the US Air Force into alleged accounting irregularities at Micro Technologies has unexpectedly dragged all that nasty business between HP and Autonomy back into the limelight. The USAF has been looking into MicroTech, which does a lot of business with government agencies – and, crucially, resells Autonomy …
Houses of Parliament at night-time

NAO: £4bn of gov work doled out to just 4 outsourcing giants

In spite of the Cabinet Office's tough talk about binning hefty suppliers whose performance is crappy, four outsourcing giants caught up in contractual issues have amassed £4bn of government business. The fabulous four include Capita, Serco, G4S and Atos, which collectively banked £1.05bn in profits globally in 2012. Between …
Paul Kunert, 12 Nov 2013
Prison window

UK fraud squad bends over Serco, G4S for 'phantom crims' probe

The UK's Serious Fraud Office (SFO) has launched a criminal investigation into contractors Serco and G4S after an audit allegedly suggested the companies were massively overcharging for the electronic tagging of offenders. Sources in government told The Guardian that the two firms billed Blighty for monitoring at least 18,000 …
Iain Thomson, 05 Nov 2013

Blighty's SFO 'not conflicted' on Autonomy numbers probe

Blighty's Serious Fraud Office has said that there's no conflict of interest in its criminal investigation into Autonomy, despite reports that the SFO itself uses the firm's document management tool Introspect. The SFO was called in to look into allegations from new owners HP of accounting irregularities and misrepresentations …

'British Bill Gates' Lynch laments HP's Autonomy 'botch-up'

Mike Lynch, once billed as Britain’s Bill Gates, has lamented the handling of his former company Autonomy, saying Hewlett-Packard fumbled the acquisition. In a softball CNBC interview where he pushed his Invoke Capital venture fund, Lynch said Autonomy was the “next generation of software” until HP "dropped the ball". In …
Gavin Clarke, 16 Sep 2013
The Register breaking news

UK fraud office hauls Olympus into court over accounting scandal

Japanese camera firm Olympus will be prosecuted by the UK's Serious Fraud Office along with its British subsidiary Gyrus Group following a £1bn accounting scandal at the company. The SFO has been investigating both companies after three of Olympus' former execs admitted to falsifying financial statements, overstating net …
credit: Alexandre Duret-Lutz licensed under Creative Commons Attribution-share alike http://creativecommons.org/licenses/by-sa/2.0/

Serious Farce Office: 32K secret BAE probe files spaffed to WRONG bod

The UK's top anti-fraud agency has admitted it sent tens of thousands of sensitive documents from an investigation into arms giant BAE Systems to the wrong person. The probe into multinational defence corporation BAE Systems ended after the aerospace firm paid a whopping $400m fine to the US relating to a violation of US rules …
Jasper Hamill, 09 Aug 2013

Probe into Autonomy allegations could take years - report

The federal probe into the alleged book-cooking at Autonomy prior to its acquisition by HP could take years to play out, according to reports. This will not be music to the ears of Mike Lynch, former CEO of Cambridge-based Autonomy, who stands accused, along with his fellow directors, of deceptive accounting irregularities …
Paul Kunert, 12 Jun 2013

Brit Bill Gates writes ANOTHER open letter to HP board

Former Autonomy mobster Mike Lynch wants HP to shine a light on the accusations of book-cooking made against him and his exec team when it holds the annual shareholder meeting later today. Good luck with that Mike, it's not the first time you've tried and been stonewalled by HP. In fact, when The Channel asked HP about its …
Paul Kunert, 20 Mar 2013
management research

UK Serious Fraud Office queues up to probe HP's Autonomy allegations

The UK Serious Fraud Office has told The Register it is investigating allegations of accounting irregularities at Autonomy, the Brit software house gobbled by HP for $10.7bn in 2011. In November last year, Hewlett-Packard claimed Autonomy "outright misrepresented" its value in the months before its acquisition, causing HP to …
Gavin Clarke, 12 Mar 2013
Mike Lynch

'Brit Bill Gates' was powerless to stop HP's Autonomy acquisition

Mike Lynch didn't fall out of love with Hewlett-Packard, it was HP which didn't know what it wanted. So says "Brit Bill Gates" Mike Lynch, who has even suggested HP's initial advances under then chief executive Leo Apotheker were unsolicited - possibly even unwanted - and that he was powerless to stop the acquisition. …
Gavin Clarke, 01 Mar 2013
Mike Lynch

UK financial watchdog bends Autonomy over for fresh probe

HP-owned software house Autonomy faces more probing, this time by the Financial Reporting Council (FRC). The British corporate governance watchdog announced today it will investigate allegations that the Brit biz overinflated its value by $5bn just before Hewlett-Packard bought it in 2011. HP's buy-up of Autonomy for $10.7bn …
Anna Leach, 11 Feb 2013
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HP dangles axe over Autonomy salesmen, cash wad over coders

HP plans to lay off sales staff at Brit software subsidiary Autonomy while seeking to shore up the small biz's R&D. An internal memo penned by Robert Youngjohns, an exec hired from Microsoft last September, started with the good news first and claimed the tech titan is pumping more cash into software development overall. "As …
Paul Kunert, 15 Jan 2013
The Register breaking news

US, UK probe HP claims of accounting mischief at Autonomy

The US Department of Justice is investigating Hewlett Packard's allegations that British software company Autonomy cooked its books before it was bought up by HP. Hewlett Packard claimed accounting irregularities and financial misrepresentation at Autonomy led to HP's $8.8bn loss in the fourth quarter of 2012. HP paid $11bn …
Anna Leach, 31 Dec 2012
Mike Lynch

'Brit Bill Gates' defends his honour in open letter to HP board

Hewlett-Packard has slapped down former Autonomy boss Mike Lynch after he called for details of accounting charges made against him and for an explanation of what HP executives really knew. In an open letter to PC giant’s board, Lynch effectively accused HP of smearing him by releasing selected information to the media and he …
Gavin Clarke, 28 Nov 2012
sea_hp_sink

HP: Autonomy had us believing in a false IDOL

HP has laid out the "accounting improprieties and misrepresentations" allegedly used by Autonomy to inflate its value just before HP bought the British biz. Hapless Hewlett-Packard yesterday took an $8.8bn bath on the acquisition following the findings of an internal probe. It said a senior member of Autonomy's leadership team …
Paul Kunert, 21 Nov 2012

HP: AUTONOMY 'misrepresented' its value by $5 BILLION, calls in SEC

Hewlett-Packard dropped a bomb this morning in reporting its financial results for its fiscal 2012 year, stating that the British software company Autonomy, which it acquired a little more than a year ago, "outright misrepresented" its own value - leading to a colossal $8.8bn writedown for HP today. In a conference call ahead …
The Register breaking news

UK Serious Fraud Office mulls News Corp probe

The Serious Fraud Office (SFO) is considering investigating various allegations against Rupert Murdoch's News Corp. A spokeswoman said the SFO was mulling over a letter sent to the agency by MP Tom Watson, a member of the Commons media select committee which grilled Murdoch, his son James, and ex-News International boss …
Kelly Fiveash, 20 Jul 2011
The Register breaking news

Saab fingers BAE over South African fighter deal

UK-headquartered arms globocorp BAE Systems is back in the spotlight over allegedly corrupt business practices after its partner Saab announced that it had submitted documents to the Swedish national anti-corruption prosecutor and specifically named BAE. Saab makes the Gripen fighters now being delivered to the South African …
Lewis Page, 20 Jun 2011
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Fraud charges for 3 former Torex execs

The Serious Fraud Office (SFO) is charging three former executives of Torex Retail Plc with fraud offences. The company came to the attention of investigators four years ago after a trading update in 2007 which claimed all was well was quickly followed by a profit warning. The SFO raided several properties as a result, and the …
John Oates, 05 May 2011
The Register breaking news

Corporate hospitality is OK, says new Bribery Act guidance

The Bribery Act will not lead to a large number of prosecutions and will not outlaw corporate hospitality, the Government has said in long-awaited guidance on last year's Bribery Act. The guidance also makes it clear that small companies could communicate their anti-bribery policies orally and still meet the requirements of …
OUT-LAW.COM, 30 Mar 2011
The Register breaking news

Brisbane's sewer fibre plan goes down the pan

A broadband-via-sewer rollout in Australia's third biggest city has ended almost as soon as it began, with Brisbane Council announcing the network will not continue. In October last year, the British company i3 Group proclaimed its deal with Brisbane Council would cover 500,000 households at just A$600 per connection – much …
The Register breaking news

UK fraud losses soar to over £38bn

Fraud cost the UK economy more than £38bn over the last 12 months, according to the latest annual statistics from the UK's National Fraud Authority. The figures represent an increase of nearly £8bn (or more than 25 per cent) for the losses recorded by the same Annual Fraud Indicator last year. Fraud in the public sector (£21. …
John Leyden, 28 Jan 2011
The Register breaking news

WikiLeaks gets Swiss bank info

A Swiss national, about to go on trial for breaking the country's strict secrecy laws, has handed Julian Assange two CDs containing names of 2,000 holders of secret Swiss bank accounts. Rudolf Elmer used to be chief operating officer for the Cayman Islands office of the private Swiss bank Julius Baer. Elmer is going on trial …
John Oates, 17 Jan 2011
The Register breaking news

KPMG to be probed over BAE accountancy

UK-headquartered but nowadays US-centred arms multinational BAE Systems faces negative headlines once again, as it has been announced that accountancy firm KPMG is to be investigated by UK regulators regarding its past performance as BAE's auditor. The Accountancy and Actuarial Discipline Board, the UK regulator covering …
Lewis Page, 26 Oct 2010
The Register breaking news

Action day targets callous conmen

International organisations have teamed up to run a day of action against fraud on Tuesday 1 June. Brits lose an estimated £3.5bn a year to mass mailing frauds, according to the organisers. Organisations from the UK, USA, Canada, Australia and the Netherlands are involved. Mass market scams take many forms including fake offers …
John Leyden, 01 Jun 2010
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Bribery Act passed by Parliament

A new bribery law has been passed by the Houses of Commons and Lords but is not yet in force. The Bribery Act can penalise companies whose employees engage in bribery if the company did not have adequate policies in place to prevent it. The law gives a more certain definition of what bribery is and updates a law that was seen …
OUT-LAW.COM, 09 Apr 2010
The Register breaking news

BAE broke bribery pledge, faked US arms-export applications

Further details have emerged regarding the US Department of Justice case against UK-headquartered arms globocorp BAE Systems. The feds - without argument from BAE - say that the company engaged in a "conspiracy" to violate several US laws in recent years. In particular, the Justice department alleges that BAE broke a promise …
Lewis Page, 08 Feb 2010
The Register breaking news

BAE cops to arms-deal violation, pays $400m US fine

UK-headquartered but nowadays US-centred arms globocorp BAE Systems has confessed to corporate wrongdoing and will pay hefty fines on both sides of the Atlantic. Most of today's revelations in the case are unsurprising - BAE has reportedly confessed to violations under US law with respect to aspects of the vast, highly …
Lewis Page, 05 Feb 2010
The Register breaking news

FBI nicks 22 in classic bribery sting

The FBI has arrested 22 people, including three Brits, in a classic bribery sting. Investigators used a supposed African defence minister to lend credence to their claim to be looking for someone to sell them arms for a Presidential guard unit. As part of the deal, the accused allegedly agreed to a 20 per cent bung to be paid …
John Oates, 20 Jan 2010
The Register breaking news

SFO abandons case management IT

The Serious Fraud Office has written off £1.3m on an abandoned case management system. In response to a Freedom of Information request, the SFO said that the system, which reached "early build" stage, was intended to replace its existing case management software. The SFO currently uses Docman software, developed in …
Kable, 18 Jan 2010
The Register breaking news

BAE Saudi 'corruption' case could go to US Supremes

A corruption lawsuit in the USA against UK-headquartered but nowadays primarily US-based arms globocorp BAE Systems may move to the Supreme Court, according to reports. Reuters quotes lawyer Patrick Coughlin, representing the city employees' pension fund of Harper Woods, Michigan, as saying that he and his clients "will …
Lewis Page, 05 Jan 2010