week 4 Accounting Fraud Scandal.docx

week 4 Accounting Fraud Scandal.docx - Week 4 –...

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Week 4 – Accounting Fraud Scandal Tyco Scandal (2002) Company: New Jersey-based blue-chip Swiss security systems. What happened: CEO and CFO stole $150 million and inflated company income by $500 million. Main players: CEO Dennis Kozlowski and former CFO Mark Swartz. How they did it: Siphoned money through unapproved loans and fraudulent stock sales. Money was smuggled out of company disguised as executive bonuses or benefits. How they got caught: SEC and Manhattan D.A. investigations uncovered
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  • Winter '15
  • Creative accounting

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