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Tyco Auditor May Face Charges

Oct 9, 2002 | South Florida Business Journal

Prosecutors are considering filing criminal charges against members of the PricewaterhouseCoopers auditing team responsible for audits at Bermuda-based Tyco International, CNNfn reported, citing an unnamed source.

The financial news network said the source told it the Manhattan district attorney is probing PwC as part of the broader investigation. That investigation is into how top Tyco executives allegedly were able to take $600 million from the firm undetected by its board or auditors.

The auditor signed off on eight years of Tyco statements. Prosecutors are said to be examining whether it uncovered but did not reveal the $32 million bonus ex-Tyco Chief Executive Officer Dennis Kozlowski received in August 2000. Kozlowski allegedly did not tell the company's board about the award.

BusinessWeek has said additional agencies scrutinizing PwC's Tyco audits, include the Internal Revenue Service, Securities and Exchange Commission, plaintiffs' lawyers and Tyco itself.

Last month, New York prosecutors charged Kozlowski, former Tyco Chief Financial Officer Mark Swartz and former Tyco Chief Counsel Mark Belnick with coordinating a web of transactions to plunder at least $600 million from Tyco. All three men pleaded not guilty.

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