The Financial Reporting Council (FRC) has banned Sushovan Hussain following admissions of misconduct as a result of his conviction in the US during April 2018 on 16 counts of fraud relating to his conduct at Autonomy Corporation plc related to the sale of the business to HP over accounting manipulation.

Hussain will not be given a financial sanction by the FRC as he has already paid a multimillion penalty to a US court, but he had to pay FRC £450,000 to cover the legal costs related to the regulator’s investigation into misconduct.

Hussain was the chief financial officer and a statutory director at Autonomy. The formal complaint under the Accountancy Scheme alleging misconduct was brought in May 2018.