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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
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 assets …
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
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
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 Rebekah …
Kelly Fiveash, 20 Jul 2011

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

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
channel

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

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

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 …
Larry Page's new yacht, 'Senses'

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

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
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 …

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
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 (£21.2bn …
John Leyden, 28 Jan 2011
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

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 …
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 …
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
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 for …
Anna Leach, 31 Dec 2012
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 …

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 that …
Paul Kunert, 12 Jun 2013

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
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

Court slams Vogon for overbilling Serious Fraud Office

Data recovery specialist Vogon was heavily criticised n court last week for attempting to overcharge the Serious Fraud Office. Judge Richard Seymour, sitting in the Technology and Construction Court division of the High Court, dismissed Vogon's action regarding a disputed claim of payment for data recovery services to the SFO …
John Leyden, 22 Jul 2003

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

'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

Serious Fraud Office gives Azlan clean bill of health

Networking distributor Azlan has been given the all clear by the Serious Fraud Office (SFO). The SFO was called in to investigate the company following allegations of financial impropriety when Azlan revised its financial results The company lost £14.1 million on sales up from £196.5 million to £293 million, compared with the £ …
Team Register, 19 Jan 1999
The Register breaking news

Serious Fraud Office probes PC Science

The Serious Fraud Office (SFO) is investigating PC Science, the Yorkshire manufacturer that went into receivership earlier this month. The SFO said the case had been referred to them by North Yorkshire police on 9 June. The investigation, which is being handled in conjunction with North Yorkshire police, started on 13 July. The …
Linda Harrison, 19 Jul 1999
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 is …
Anna Leach, 11 Feb 2013

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 of …
sea_hp_sink

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
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
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. Speaking …
Gavin Clarke, 01 Mar 2013
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
fingers pointing at man

Torex Retail fraud investigation stool pigeon sings

The identity of the whistleblower in the Serious Fraud Office's (SFO) investigation of software firm Torex Retail was revealed on Friday as its suspended chief executive. Neil Mitchell told the Financial Times he had led a group of executives which had reported the firm to authorities. He said he would be seeking protection …
The Register breaking news

Former PC tycoon jailed for fraud

Charles Forsyth, who fled the UK in 2002 during a Serious Fraud Office investigation into the collapse of his company Personal Computer Science (PCS), has been jailed for three and a half years for fraud offences. Newcastle Crown Court heard that Forsyth, 45, of Wheatley near Oxford, resorted to increasingly dishonest measures …
John Leyden, 07 Apr 2005
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
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 partnership …
Kable, 18 Jan 2010
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 in …
John Oates, 17 Jan 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

e-district.net calls in fraud squad?

The crisis surrounding e-districtict.net appeared to worsen today after the Times reported that the Serious Fraud Office (SFO) has been called in to investigate the irregularities at the British dotcom. Yesterday, e-district.net confirmed that CEO, Stephen Laitman, had been dismissed amid allegations that he inflated usage and …
Tim Richardson, 28 Feb 2001
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 the …
OUT-LAW.COM, 30 Mar 2011
The Register breaking news

Top e-crime cop to plead for more cash

The woman in charge of policing online fraud in the UK plans to use the first operational year of the new Police Central e-crime Unit (PCeU) to make the case for more funding. Deputy Assistant Commissioner Janet Williams, the Association of Chief Police Officers' lead on e-crime, said this week the PCeU wanted more than the £3. …
The Register breaking news

Azlan and those Fraud Squad investigations

This article was first published in April 1998 'What experience and history teach is this: people and government never have learned anything from history, or acted on principles deduced from it.'Hegel, The Philosophy of History. I knew that philosophy degree would come in handy one day. According to Henry Ford, history is bunk. …
Drew Cullen, 28 Aug 1999
fingers pointing at man

India could change takeover law to save Satyam

Regulators from the Securities and Exchange Board of India (Sebi) have won the right to question the Raju brothers and other Satyam staff. Ramalinga Raju and his brother Rama and the firm's CFO are all still in custody. Ramalinga wrote an explosive letter admitting a $1bn fraud, although he insisted he did not benefit personally …
John Oates, 03 Feb 2009
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 air …
Lewis Page, 20 Jun 2011
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
channel

Fugitive Danish IT chief surrenders at LA copshop

Stein Bagger, the boss of bankrupt Danish IBM reseller IT Factory, who has been on the run after being linked to a huge alleged fraud, turned himself in at a Los Angeles police station on Saturday. "I am Stein Bagger. I'm a fugitive from Europe and I'm here to turn myself in," The LA Times reports he said to the desk officer at …
For Sale sign detail

Indian police raid PWC in Satyam probe

Police raided PricewaterhouseCooper's offices in Hyderabad today in connection with the ongoing investigation into the alleged billion dollar fraud at outsourcer Satyam. PWC audited Satyam's accounts and was apparently unaware of the large holes they contained. The firm's chairman admitted last week to cooking the books over …
John Oates, 13 Jan 2009
cloud

Satyam rushes into arms of new auditors

Troubled outsourcer Satyam has chosen two new auditors to help management find out just how bad its financial situation is after founder and chairman Ramalinga Raju admitted he had overstated profits and cash by $1bn. KPMG and Deloitte were named in several reports as the new auditors, although a spokeswoman for Deloitte …
John Oates, 14 Jan 2009