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Tyco Nears Fraud Settlement With New Hampshire

Oct 21, 2002 | Wall Street Journal

Tyco International Ltd. (TYC) is close to reaching an agreement with New Hampshire securities regulators to settle allegations that the company violated state securities laws, people with knowledge of the matter told The Wall Street Journal.

The settlement pact likely will include a $5 million payment by Tyco, these people said. An announcement of the deal is expected sometime this week, perhaps as soon as today.

New Hampshire's Bureau of Securities Regulation has been one of numerous government bodies investigating the Bermuda-based conglomerate, which has been reeling from charges that former executives looted the company of huge sums in unauthorized compensation. Tyco's former chief executive, L. Dennis Kozlowski, and former chief financial officer, Mark H. Swartz, have been indicted in New York on charges of stealing $170 million from the company. They have pleaded not guilty.

Tyco has admitted that prior annual proxy statements it sent to shareholders were inaccurate, because they failed to include some payments to top executives in tables listing executive compensation.

Although registered offshore, Tyco lists its official U.S. headquarters as Exeter, N.H. The company has about $36 billion in annual revenue.

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