(Corrects headline so as to add dropped phrase “lawyers”)

By Jody Godoy and Abhirup Roy

SAN FRANCISCO (Reuters) -Mike Lynch’s legal professionals on Monday portrayed the British tech pioneer as a savvy entrepreneur whereas prosecutors in a San Francisco courtroom labeled him a grasping fraudster, and jurors will quickly weigh allegations that Lynch defrauded Hewlett-Packard in its $11 billion acquisition of his software program firm.

The 2011 deal was one of many greatest British tech offers on the time, however rapidly went bitter. HP (NYSE:) wrote down Autonomy’s worth by $8.8 billion inside a yr of the acquisition.

Assistant U.S. Legal professional Robert Leach instructed jurors in closing arguments that they need to don’t have any affordable doubt there was fraud at Autonomy, and that Lynch directed it.

The federal prosecutor urged jurors to comply with the cash, saying Lynch had made 500 million kilos ($640 million) from the HP deal.

“Dr. Lynch had 500 million reasons to defraud HP. It tells you volumes about who was in charge and who benefited from this,” Leach mentioned.

Lynch and former Autonomy finance govt Stephen Chamberlain face costs of fraud and conspiracy for allegedly scheming to inflate the corporate’s income beginning in 2009, partly to entice a purchaser.

The Cambridge College-educated entrepreneur took the stand in his personal protection on the trial, denying wrongdoing and telling jurors HP botched the 2 firms’ integration.

Lynch’s lawyer Brian Heberlig instructed jurors on Monday that the testimony was devastating to the prosecution’s case.

“It was more than reasonable doubt. It was truth,” he mentioned, as jurors noticed a big picture of Lynch overlaid with the descriptions of the tech founder together with “smart” and “focused on the future.”

Lynch’s protection crew scored a win final week when U.S. District Decide Charles Breyer threw out one rely of securities fraud as not supported by the proof. Lynch nonetheless faces one rely of conspiracy and 14 counts of wire fraud.

Prosecutors say the pair padded Autonomy’s funds in a number of methods, together with back-dated agreements and “round-trip” offers that fronted money to prospects by faux contracts.

On the trial, which started in mid-March, jurors have heard from greater than 30 authorities witnesses together with Leo Apotheker, the previous HP CEO who was fired weeks after the Autonomy deal was introduced.

Lynch’s authorized crew has argued that HP was so keen to accumulate Autonomy forward of potential opponents that it rushed by due diligence earlier than the sale.

On the stand, Lynch mentioned he had been targeted on tech points, and entrusted cash issues and the accounting selections at subject to Sushovan Hussain, Autonomy’s then-chief monetary officer.

Hussain was individually convicted in 2018 at a trial in the identical courtroom on costs of conspiracy, wire fraud and securities fraud associated to the take care of HP. He was launched from U.S. jail in January after serving a five-year sentence.

Lynch was one of many UK’s main tech entrepreneurs, drawing comparisons to Apple (NASDAQ:) cofounder Steve Jobs and Microsoft (NASDAQ:) cofounder Invoice Gates.

The Autonomy acquisition was meant to gas HP’s software program enterprise. As an alternative, it spawned a collection of bitter and costly authorized battles.

HP largely received a civil lawsuit towards Lynch and Hussain in London in 2022, although damages haven’t but been determined. The corporate is looking for $4 billion.

Closing arguments within the case are anticipated to conclude on Tuesday earlier than the jury begins deliberations.