ArticleTycoCBC1

ArticleTycoCBC1 - Former Tyco execs face fraud charges Last...

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Former Tyco execs face fraud charges Last Updated: Thursday, September 12, 2002 | 5:49 PM ET CBC News Three former executives of Tyco International – including ex-CEO Dennis Kozlowski – are facing fraud charges, accused of looting the company of hundreds of millions of dollars. The Manhattan district attorney's office filed criminal charges Thursday against Kozlowski, former chief financial officer Mark Swartz and former general counsel Mark Belnick. The U.S. Securities and Exchange Commission also filed its own civil complaint against the three. "The defendants put their own interests above those of Tyco's shareholders," SEC director of enforcement Stephen Cutler said. "Those shareholders deserved better than to be betrayed by the management of the company they owned." Authorities say the Tyco trio used the company as their own private bank, stealing $170 million US directly from the company and obtaining another $430 million US through the fraudulent sales of securities. Among the allegations – that Kozlowski diverted $242 million US to buy yachts, fine art
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This note was uploaded on 09/01/2010 for the course BAT4M BAT4M taught by Professor Katz during the Fall '05 term at Acadia.

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ArticleTycoCBC1 - Former Tyco execs face fraud charges Last...

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