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Former Tyco Exec Facing Charges

Sep 12, 2002 | AP

Tyco International Inc.'s former chief executive's legal problems appear to be getting messier.

The Manhattan district attorney and the Securities and Exchange Commission are expected to bring new and more broad- sweeping criminal and civil charges on Thursday against L. Dennis Kozlowski and two other former executives, The New York Times reported on its Web site late Wednesday.

Tyco is also expected to file its own lawsuit as early as Thursday against Kozlowski. The company is seeking to get back the embattled former executive's income and benefits since 1997, an amount estimated to be at least $250 million, as well as the forfeiture of all his severance pay, according to the Times.

The New York Times also reported that the Manhattan district attorney, Robert M. Morgenthau, plans to indict Kozlowski as well as Tyco's former chief financial officer Mark H. Swartz, and the company's former general counsel, Mark A. Belnick, on charges that include conspiracy to commit fraud, larceny and enterprise corruption.

The new charges accuse Kozlowski of spearheading a plan, with the help of Swartz and Belnick, to misappropriate millions of dollars of company money for himself and his colleagues through unapproved and undisclosed payments and loans, the Times reported.

The new charges are on top of a 14-count indictment Koslowski already faces. That includes charges of evading sales tax on pricey works of art, including works by Renoir and Monet.

Kozlowski, who resigned from Tyco in June a day before being indicted, has pleaded innocent.

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