Acct 320 Final Paper - Tyco International Ltd.

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Kozlowski was found guilty and sentenced to up to 25 years in jail in 2005 for grand larceny after abusing company expenses to fund his lavish lifestyle. He was ordered to return $97 million to Tyco in 2005 and was fined $70 million. The security services company was seeking to recover far more and would begin its case shortly after Kozlowski’s conviction. Swartz to pay $37 million back to Tyco and was fined $35 million. The former Tyco executives were ordered to start serving their sentences immediately and were led from the courtroom in handcuffs.

Conclusion

Tyco International Ltd. is still a very large company and holds one of the most largest market shares in it’s industry. The company will continue to strive and I will guarantee that they will be keeping a close eye on all of the financial reporting to prevent another scandal from brewing. Tyco recovered from one of the largest schemes in history, but will only continue to grow as a company should. Kozlowski and Swartz may have burned a stepping stones for Tyco, but Tyco still came out on top!

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References

Symonds, W. C. (2002). TYCO: HOW DID THEY MISS A SCAM SO BIG?. Business week, (3801), 40-42.

2 CORPORATE SCANDAL TRIALS BEGIN." Cincinnati Post [Cincinnati, OH] 30 Sept. 2003: B7. Business Insights: Essentials. Web. 5 Dec. 2016.

Demars, L. (2005). Tyco's Revolving Door. Cfo, 21(7), 96.

"The curtain finally comes down on Tyco fraud." Times [London, England] 14

Aug. 2012: 35. Business Insights: Essentials. Web. 5 Dec. 2016.

Former Tyco bosses charged with fraud. (2002). Financial News,

Sorkin, A. (2002). 2 Top Tyco Executives Charged With $600 Million Fraud Scheme. The New York Times

Romero, J. (2015) Tyco Corporate Scandal of 2002 (Ethics Case Analysis) Web. 5 Dec. 2016