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Tyco Sues Ex-CFO In 28G Fraud

Apr 3, 2003 | NY Daily News

Former Tyco chief financial officer Mark Swartz spent $28,000 in company funds to stay at a luxurious New York hotel, a lawsuit charged yesterday.

The suit also accused Swartz of billing Tyco for tickets to see the Miami Heat, Elton John and Billy Joel, as well as a helicopter trip for his wife.

The accusations of lavish perks were contained in a $400 million fraud suit brought by Tyco in Manhattan Federal Court.

Last September, Swartz and toppled Tyco CEO Dennis Kozlowski became poster boys for corporate greed when they were charged with stealing $600 million in unauthorized bonuses and perks and fraudulent stock trades.

Swartz lawyer Charles Stillman said the suit was a "public relations stunt."

The lawsuit alleged Swartz improperly had Tyco reimburse him for a $28,045 stay at the New York Palace Hotel.

The ritzy Madison Avenue establishment bills itself as the "epitome of luxury, elegance and personal service." Top floor two-bedroom suites run $2,100-a-night.

Tyco also alleged Swartz was reimbursed $1,140 for Billy Joel and Elton John tickets and $6,028 for his wife's helicopter jaunt.

Swartz allegedly billed Tyco $123,222 for Miami Heat and Florida Panther tickets and $101,500 for a deposit he lost on a Newport property.

The lawsuit accused Swartz of acts of self-dealing, including using Tyco funds to buy a $15 million luxury apartment on Central Park South, while spending another $1 million money for renovations.

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