Tech tycoon Mike Lynch quits role at cyber-security company Darktrace after fraud charges

Under-fire Mike Lynch has quit his post as a director at cyber-security company Darktrace.

The 53-year-old tech tycoon's resignation comes after he was charged with fraud in the US where he faces up to 20 years in jail if found guilty.

His investment fund Invoke Capital is a key investor in Darktrace with more than 40 per cent of shares. 

After being charged last week, Lynch also quit as a government advisor and a member of committees at the prestigious Royal Society.

He denies cooking the books at British software giant Autonomy before it was sold to Hewlett Packard (HP) for £8.5billion in 2011.

Autonomy's former finance chief, Sushovan Hussain, was convicted of fraud earlier this year and has appealed.

A spokesman for Darktrace said he quit 'so as not to create a distraction'.

A spokesman for Invoke Capital said: 'Invoke is entirely self-funded, and does not rely on funding from Mike Lynch at all. 

'It is very much business as usual and there should be no impact on them.'

source thisismoney

Industry: Cyber Security News