defendant in US fraud case dies after car smash while tycoon still missing at sea

A Brit tycoon's co-defendant, who stood trial alongside him in a US fraud case, has died after being hit by a car at the weekend. Mike Lynch, the tech millionaire who remains missing after a superyacht sinking in Palermo, stood aside tragic Stephen Chamberlain in court.

Sadly Chamberlain was critically injured in a collision in Cambridgeshire on Saturday morning and rushed to hospital to be treated. It has since been confirmed that he has died.

Meanwhile Lynch is one of seven feared dead as the search for the unaccounted-for passengers on the plush yacht continues.

Mr Chamberlain, former vice president of finance for software firm Autonomy, had stood trial in the US after being accused of the same fraud and conspiracy charges as the company's former CEO, British tech tycoon Mike Lynch.

Mr Lynch, 59, once dubbed 'Britain's Bill Gates', was accused of scheming to inflate the value of Autonomy after it was sold in 2012 to Hewlett Packard for $11billion (£8.64billion).

Both men were ultimately cleared of all 15 charges by a jury in San Francisco in June this year following a decade-long legal saga. In a new statement on Monday evening, Chamberlain's lawyer Gary Lincenberg told MailOnline: "Our dear client and friend Steve Chamberlain was fatally struck by a car on Saturday while out running.

"He was a courageous man with unparalleled integrity. We deeply miss him. Steve fought successfully to clear his good name at trial earlier this year, and his good name now lives on through his wonderful family."

Cambridgeshire Police issued a statement following the crash saying: "Police are appealing for witnesses after a collision between a pedestrian [and] a car on the A1123 Newmarket Road in Streatham. The blue Vauxhall Corsa was travelling between Streatham and Wicken on the A1123 when the collision with the pedestrian happened at about 10.10am on Saturday (August 17).

"The man, who was in his 50s and from Longstanton, was taken to hospital with serious injuries where he remains. The driver of the car, a 49-year-old woman from Haddenham, remained at the scene and is assisting with enquiries.

"Anyone with information or dashcam footage of the collision, or the moments before or after, should tell us about it through the force website using reference 160 of 17 August. Anyone without internet access should call 101 quoting the same reference."

Lynch was on a £25mil boat when it capsized off the coast of Palermo, Sicily, in the early hours of Monday morning when it was struck by a tornado. His wife, Angela Bacares, was rescued by the coastguard.

At least 22 people were on board at the time, including staff and tourists. Palermo's coastguard said on Monday it had rescued 15 people, while efforts were ongoing to find the remaining missing people.

The body of one person, confirmed to be the boat's chef, was also recovered from the water.

A spokesman for the Foreign, Commonwealth and Development Office (FCDO) said: “We are in contact with the local authorities following an incident in Sicily, and stand ready to provide consular support to British nationals affected.”