NY Prosecutors Charge Ex-Tyco CEO

September 11, 2002 by Jeff Shepard

New York prosecutors have unveiled new criminal charges against former Tyco International Ltd. (Pembroke, Bermuda) CEO Dennis Kozlowski, who is already under indictment for tax evasion. Manhattan District Attorney Robert Morgenthau reported that a grand jury indicted Kozlowski, and former Tyco CFO Mark Swartz, on charges of enterprise corruption. The charges allege that Kozlowski and Swartz stole more than $170.0 million from the company.

Additionally, Mark Belnick, former general counsel, was indicted on charges he falsified records to conceal about $14.0 million in company loans to himself. The district attorney's office also said it had moved to freeze some $600.0 million in assets connected with the scheme.