Tyco Archives - Corp-Ethics

Tyco to pay $50m to settle SEC fraud charges

April 18, 2006/0 Comments/in Tyco /by ceadmin

Tyco International Ltd. will pay the Securities and Exchange Commission a $50 million civil penalty to settle allegations the high-tech conglomerates prior management violated securities laws, cooked the books and overstated financial results by at least $1 billion.

Under the proposed settlement, filed Monday in U

Tyco two get up to 25 years’ jail

September 19, 2005/0 Comments/in Tyco /by ceadmin

Two former bosses of US manufacturer Tyco have been sentenced to up to 25 years in jail for stealing more than $150m (£82m) from the company.

Former Tyco chief executive Dennis Kozlowski and finance chief Mark Swartz were taken from the court in handcuffs.

They were also ordered to repay most of the money, which they spent on expensive jewellery, luxury apartments and giant $2m Mediterranean parties