British tech entrepreneur Mike Lynch has been extradited to the U.S. to face fraud charges in relation to the sale of his software company Autonomy to Hewlett Packard.
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Lynch arrived in the U.S. on Thursday afternoon and is currently detained in San Francisco until bail conditions are met, his spokesperson confirmed to CNBC.
He faces charges of securities and wire fraud in relation to the sale of his company Autonomy to HP for $11 billion.
The entrepreneur attended an arraignment hearing on Thursday and was ordered to pay a $100 million bail to be released on house arrest, the spokesperson said. It is not yet clear whether Lynch intends to pay the bond.
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“The bail set by the U.S. court is by U.K. standards extraordinarily high and is a clear example of the differing approaches of the U.S. and U.K. when it comes to prosecuting allegations of white collar crime,” Thomas Garner, extradition partner at law firm Fladgate, told CNBC via email.
It comes after Lynch lost a High Court battle to appeal extradition last month.
Lynch, 57, sold his software start-up Autonomy to HP in 2011 for $11.7 billion, instantly making him one of the wealthiest and most celebrated tech founders in the U.K.
A year later, HP announced an $8.8 billion write-down on the company, claiming that “accounting irregularities” led it to pay too much for Autonomy, which sold data analytics software to businesses.
