Tyco chairman is L. Dennis Kozlowski's he was accused of plundering his companies richs(1 ).
Tyco filed a lawsuit was filed against two Tyco execs. They where Tyco's former chief financial officer, Mark H. Swartz and the company's former general counsel, Mark A. Belnick( 2 ).
It was accused that more than $170 million was taken from Tyco and more than 430 million was gotten by fraud in the sale of securities. Belnick was also charged with falsifying records of company loans to himself for 14 million (3 ).
Another suit was brought against L. Dennis Kozlowski, citing "fraud and self-dealing. It sought the return of income and benefits since 1997 and forfeiture of severance pay (4 ).
Tyco filed a lawsuits against a former lawyer and a former director. According to a lawsuits, former Tyco director Frank E. Walsh got a 20 million payment for setting up a deal and former counsel Mark A. Belnick won millions in undisclosed bonuses and interest free loans (5 ).
Mark Swartz and Dennis Kozlowski were found guilty of grand larceny, falsifying business records and a list of other charges. Kozlowski and his finance chief got 96 million in unauthorized compensation and another 285 million in stock profit after they lied about Tyco's finances(6 ).