facebook
twitter
rss
account
search
search

Tyco paying $50M to settle SEC charges

April 17, 2006 at 12:31 PM   |   Comments

WASHINGTON, April 17 (UPI) -- Tyco International Ltd. has agreed to pay a $50 million U.S. civil penalty to settle charges of accounting fraud.

The Securities and Exchange Commission said Monday that from 1996 to 2002 Tyco used improper accounting techniques to overstate its financial results by at least $1 billion.

In agreeing to the penalty, Tyco did not admit or deny culpability.

"This enforcement action shows that, in addition to looting the company, Tyco's (Dennis) Kozlowski-era management lied about the company's financial results," Linda Chatman Thomsen, the SEC director of enforcement said in a prepared statement.

Kozlowski served as Tyco's chief executive from 1996 to 2002. Last year he was found guilty of looting the company and was subsequently sentenced to up to 25 years in prison.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Army receives first advanced CH-47F helicopter variant
2
Auto sales grow 11% in July, Chrysler sales surge 20%
3
Excalibur IB artillery projective enters full-rate production
4
Austrian student files class action suit against Facebook
5
'No U.S. ban' on Iraqi oil, spokeswoman says
Trending News
Video
x
Feedback