They got stricter security and better results.
The Tyco International scandal was one of the worst in recent memory. CEO Dennis Kozlowski and CFO Mark Swartz were found guilty in 2005 of stealing more than $150 million from the company. Lurid details about $6,000 shower curtains and $2 million parties in Sardinia emerged during the trial.
[credit provider=”Wikimedia Commons” url=”http://en.wikipedia.org/wiki/File:Tycofireandsecuritybocaraton.jpg”] Tyco is paying $26 million to settle charges it operated “illicit payment schemes” around the globe, the SEC said Monday.Tyco’s improper payments won it $10.5 million in business in violation of the Foreign Corrupt Practices Act, according to the SEC.
[credit provider=”AP Images” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=dennis%20kozlowski&showact=results&sort=relevance&intv=None&sh=10&kwstyle=and&adte=1332179713&pagez=60&cfasstyle=AND&rids=5dbbbed21be1da11af9f0014c2589dfb&dbm=PY2005&page=1&xslt=1&mediatype=Photo”] A little over a month ago, Dennis Kozlowski heard six magic words he’s been dreaming about for the past seven years; “Pack up, you’re on the draft.” In prison, being ‘on the draft’ means you’re either going home, or being sent off to a work release […]
You’ll remember Dennis Kozlowski, the ex-CEO of Tyco who went to jail for back in 2005.
[credit provider=”By seandreilinger on Flickr” url=”http://www.flickr.com/photos/seandreilinger/110158978/sizes/o/in/photostream/”] This article originally appeared at American Express OpenForumFifteen years ago, in all his giggly and shaky glory, Tickle Me Elmo took over.
Just one bad apple can have awful consequences (see Madoff, Bernie or Kozlowski, Dennis).
Remember Dennis Kozlowski?
There are a lot of people losing out in this market (as we mentioned earlier today.) But one person who might be winning is the former Tyco chief, Dennis Kozlowski.
Last month, jailed former Tyco execs Dennis Kozlowski and Mark Swartz appealed their fraud, grand larceny and conspiracy convictions arguing that there wasn’t enough evidence to find them guilty. ($6,000 shower curtain? What $6,000 shower curtain?) Well, today a New York appeals court refused to throw out their convictions.