February 15, 2005 |
Tyco International Ltd.'s auditors knew about millions of dollars of bonuses that former Chief Executive L. Dennis Kozlowski was later accused of stealing, a witness at his fraud trial testified Monday. Patricia Prue, Tyco's former head of human resources, told jurors in a New York state court that the company's payroll and legal departments also knew about the payments, which were rewards to employees for their work on the public offering of shares in Tyco unit TyCom Inc.
February 11, 2005 |
Tyco International Ltd.'s former head of human resources testified that ex-Chief Executive L. Dennis Kozlowski, on trial for fraud, never asked her to keep bonus or other information secret from the company's directors. The testimony from Patricia Prue, who worked as a liaison to the board's compensation committee, undercuts prosecutors' contention that Kozlowski, 58, and former finance chief Mark Swartz, 44, awarded themselves millions of dollars in bonuses without the board's knowledge.
February 10, 2005 |
Tyco International Ltd.'s former head of human resources testified Wednesday that she thought at the time that the company's board was aware of millions of dollars in loan forgiveness awarded to top executives L. Dennis Kozlowski and Mark Swartz in 2000.
February 9, 2005 |
Tyco International Ltd.'s former lead director said the Bermuda conglomerate's ex-chief financial officer, now on trial, told him "not to worry about" a regulatory document that failed to spell out that the director could receive a fee from the company for brokering a deal. In his third day of testimony Tuesday, Frank E. Walsh Jr.
February 8, 2005 |
Tyco International Ltd.'s onetime lead director testified Monday that former Chief Executive L. Dennis Kozlowski had the authority to pay him $20 million in investment banking and legal fees. Frank E. Walsh Jr., a Tyco director from 1992 to 2002, said the conglomerate's board of directors never voted to approve investment banking or legal fees in his time on the board. That authority was instead delegated to Kozlowski, Walsh said.
February 4, 2005 |
Former Tyco International Ltd. director Frank Walsh told jurors that L. Dennis Kozlowski, on trial for fraud, asked him not to tell other board members about a $20-million finder's fee Walsh received for helping arrange an acquisition. Prosecutors have accused former Tyco Chief Executive Kozlowski and former finance chief Mark Swartz of paying Walsh the fee without the board's approval.
February 2, 2005 |
Former Tyco International Ltd. Chief Executive L. Dennis Kozlowski didn't violate company policy when he paid a $20-million finder's fee to a board member, a former company director testified Tuesday. Prosecutors say the fee, paid to director Frank Walsh for helping arrange Tyco's 2001 purchase of CIT Group Inc., wasn't authorized by the board and amounted to theft, one of 13 larceny counts against Kozlowski and co-defendant Mark Swartz, Tyco's former financial chief.
January 28, 2005 |
Two former top Tyco International Ltd. executives who are accused of embezzling millions of dollars earned every penny they got from the company and never acted with criminal intent, defense lawyers told jurors Thursday. The lawyers represent L. Dennis Kozlowski, 58, Tyco's former chief executive, and Mark Swartz, 44, the company's former finance chief, who are accused of stealing $150 million outright and profiting illegally on $575 million in Tyco stock sales.
January 27, 2005 |
The two former top executives of Tyco International Ltd. stole $150 million from the industrial conglomerate even though they were among the highest-paid people in corporate America, a prosecutor told jurors as their retrial began Wednesday. In a 3 1/2-hour opening argument, Manhattan Assistant Dist. Atty. Owen Heimer said L.