Tyco’s Auditor To Testify Against Former Chiefs
Testimony Of the Conglomerate's Former Tyco's Auditor. Prosecutors have struck an important blow in their effort to convict Dennis Kozlowski, the former head of Tyco, by securing the testimony of the conglomerate's former lead auditor. Richard Scalzo, who this month was barred for life from practising as an auditor of a public … [Read more...] about Tyco’s Auditor To Testify Against Former Chiefs
Tyco Posts Loss On New Accounting Troubles
Tyco Loss On Accounting Troubles. Four months after declaring an internal audit had found no major fraud, Tyco International on Wednesday said new accounting problems helped spur a second-quarter loss caused in part by $1.36 billion in related pretax charges. The troubled conglomerate also announced plans for more corporate … [Read more...] about Tyco Posts Loss On New Accounting Troubles
Report: Tyco Has More Accounting Woes
Tyco Accounting Woes. Tyco International Ltd., a diversified conglomerate that makes electronics, medical supplies and security systems, has found roughly $1.2 billion in fresh accounting problems, The Wall Street Journal reported Wednesday. The newspaper, which cited unidentified people familiar with the matter, said Tyco is … [Read more...] about Report: Tyco Has More Accounting Woes
Tyco Sets $1B Charge
Tyco New Accounting Problems. Tyco International Ltd. said Wednesday it will take more than $1 billion in after-tax charges in the second quarter after unearthing new accounting problems, yet another setback to the conglomerate's credibility with investors. The financially troubled conglomerate said it will report a quarterly loss … [Read more...] about Tyco Sets $1B Charge
Tyco Sues Ex-Chief Financial Officer
Ex-Chief Financial Officer Looting For Personal Gain. Tyco International Ltd. has filed a $400 million lawsuit against former Chief Financial Officer Mark H. Swartz, claiming he looted the conglomerate for his personal gain. Swartz already faces criminal charges of theft and fraud filed by government prosecutors, who say he and … [Read more...] about Tyco Sues Ex-Chief Financial Officer
Two Tyco Executives Charged
Tyco Executives Charged With Fraud. Two Tyco International Ltd. executives have been charged with fraud in Mexico for their handling of the company's ADT security-alarm operations there. Warrants were issued March 6 for Phillip McVey, president of Tyco Fire & Security Latin America, and Patricio Gonzalez, head of ADT's Mexican … [Read more...] about Two Tyco Executives Charged
Tyco’s Former Top Lawyer Seeks Dismissal of Charges
Tyco’s Former Lawyer Seeks To Drop Charges. The former general counsel for Tyco International Ltd. asked a judge to drop criminal charges against him, saying he never intended to defraud regulators by taking $14 million in interest-free loans from the company. Mark Belnick has been charged with falsifying business … [Read more...] about Tyco’s Former Top Lawyer Seeks Dismissal of Charges
Tyco Used ‘Aggressive Accounting’
Tyco Ltd. Aggressive Accounting. Under former chief executive L. Dennis Kozlowski, Tyco International Ltd. "engaged in a pattern of aggressive accounting" and used "pressure" and "inducements" to get managers to increase earnings through accounting decisions, the company said in a report yesterday. The report, which stemmed from … [Read more...] about Tyco Used ‘Aggressive Accounting’
A Plea Of Guilt In Tyco Scandal
Lead Director Pleaded Guilty Over Tyco Scandal. In the latest example of corporate greed at Tyco International Ltd., its former lead director pleaded guilty to securities fraud yesterday and agreed to pay $22.5 million to settle the charges. Frank E. Walsh, 61, whose job was to provide oversight, admitted he did not disclose to … [Read more...] about A Plea Of Guilt In Tyco Scandal
Tyco Sues Its Former CEO
Tyco Sued Its Former Chief Executive. Tyco International Ltd. today sued its former chief executive, L. Dennis Kozlowski, and former chief financial officer Mark H. Swartz, alleging that they made more than $40 million in "short-swing" stock trades. The lawsuit, filed in Manhattan federal court, alleges the two men made dozens of … [Read more...] about Tyco Sues Its Former CEO
Forensic Report On Tyco Expected Soon
Tyco Company Accounting Practices. A top Wall Street follower of Tyco International Inc. expects the troubled conglomerate will issue a long awaited report on company accounting practices as early as today. Tyco’s ADT Security Services unit, which is based in Boca Raton, is expected to play a big part in the eagerly anticipated … [Read more...] about Forensic Report On Tyco Expected Soon
SEC Asks Tyco If It Withheld Data In Earlier Inquiry
Tyco Accounting Problems. The Securities and Exchange Commission missed a chance to root out possible accounting problems at Tyco International Ltd. about two years before the company's woes began to surface, Monday's Wall Street Journal reported. In the latest twist in the ‘Tyco’ case, the SEC has asked Tyco to … [Read more...] about SEC Asks Tyco If It Withheld Data In Earlier Inquiry
NJ To Sue Qwest, EDS, Sears, Tyco Over Pension Losses
Four Companies Are Responsible For Pension Losses. New Jersey said Monday it plans to sue four companies it alleges are partly responsible for enormous losses the state's pension fund has sustained. Qwest Communications Inc. , Electronic Data Systems Corp., Sears Roebuck & Co. and Tyco International Ltd. are the … [Read more...] about NJ To Sue Qwest, EDS, Sears, Tyco Over Pension Losses
Tyco Deal Under Scrutiny
Tyco Deal that Cemented A Corporate Takeover. Prosecutors are exploring whether two of the highest-paid CEOs of the 1990s secretly struck a multimillion-dollar employment deal that cemented a 1998 corporate takeover, according to people close to the review. Manhattan District Attorney Robert Morgenthau's office is examining … [Read more...] about Tyco Deal Under Scrutiny
Report: Tyco Donated $25,000 To Support Sales Tax
Tyco Donated To Pass A Sales Tax. Tyco International donated $25,000 to Gov. Shaheen's failed effort to pass a sales tax, a published report said Friday. Documents made public for the first time Thursday show the company was the largest New Hampshire contributor to the $200,000 Shaheen spent promoting her ''Excel'' plan … [Read more...] about Report: Tyco Donated $25,000 To Support Sales Tax
Secret Payment By Tyco Is Target Of Investigation
Tyco Accounting Improprieties. Investigators at the Securities and Exchange Commission and the Manhattan District Attorney's Office in New York are looking into whether a secret $40 million payment that Tyco International Ltd. made to settle a lawsuit in 2000 represented a payoff to hide possible accounting improprieties, people … [Read more...] about Secret Payment By Tyco Is Target Of Investigation
Tyco Puts Kozlowski’s $16.8M NYC Digs On Market
Tyco Block The $16.8 Million. Tyco International is putting on the block the $16.8 million Fifth Avenue Manhattan apartment and the home's art and antiques worth millions it bought for former CEO Dennis Kozlowski, according to people with knowledge of the company's plans. In a regulatory filing this week, the company said … [Read more...] about Tyco Puts Kozlowski’s $16.8M NYC Digs On Market
