ArticleTycoCFOMagazine

ArticleTycoCFOMagazine - Morgenthau: Tyco Top Two Stole...

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Morgenthau: Tyco Top Two Stole $170 Million Former CFO and CEO charged with larceny and enterprise corruption. General counsel also indicted. Lisa Yoon , CFO.com September 12, 2002 It seems embattled conglomerate Tyco International Ltd. hired a new finance chief just in time. As CFO.com reported , Tyco management yesterday announced the appointment of David FitzPatrick as new CFO. FitzPatrick, who had been serving as finance chief at United Technologies Corp., was brought in by new Tyco CEO Edward Breen to replace Mark Swartz in the finance department. Today, Manhattan district attorney Robert M. Morgenthau indicted former Tyco chairman and CEO Dennis Kozlowski, Swartz, and former general counsel Mark A. Belnick. The charges against Kozlowski and Swartz: among other things, stealing $170 million from the company. Belnick was charged with hiding $14 million in loans to himself. Morgenthau has also moved to freeze $600 million of Kozlowski's and Swartz's assets. The indictment alleges that the two pocketed $430 million from fraudulent sales of Tyco
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ArticleTycoCFOMagazine - Morgenthau: Tyco Top Two Stole...

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