Beginning in 2002 the industrial conglomerate Tyco International became the center of a corporate fraud scandal after investigators found that chief executive Dennis Kozlowski and chief financial officer Mark Swartz had taken hundreds of millions of dollars from the company through unauthorized bonuses, loans and personal expenses. Both executives were later convicted on related criminal charges, and the scandal became a widely cited example of executive self dealing in the early 2000s wave of corporate accounting scandals.
Facts
Event TypeCorporate fraud scandal 1 Cross-Tradition Connections
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The Tyco International 2002 scandal, in which executives were convicted of falsifying financial records to conceal unauthorized bonuses and loans, is an accounting-practice case study in financial-statement fraud.
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