Friday, June 17, 2005

BBC NEWS | Business | Tyco two guilty of stealing $150m

CEO fraud may decrease somewhat after this verdict!

BBC NEWS | Business | Tyco two guilty of stealing $150m

"Former Tyco chief executive Dennis Kozlowski and finance chief Mark Swartz have been found guilty of stealing over $150m (£82m) from the US manufacturer.

They used the cash to fund opulent lifestyles, splashing out on expensive jewellery, luxury apartments and giant $2m Mediterranean parties.

It was the pair's second trial. The first collapsed after a juror received a threatening phone call and letter.

Kozlowski and Swartz could now face prison sentences of up to 25 years. "

1 comment:

wannabe_ceo said...

I just wrote a little piece about that. Thye interesting thing is they could have afforded that stuff with their own money ANYWAY.