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The Tyco Scandal (2002)

Company Background : Tyco International Plc was a company dealing in security solutions and fire protection. Tyco was incorporated in the Republic of Ireland, with operational headquarters in Princeton, New Jersey, United States. Tyco was founded in 1960 by Arthur J. Rosenberg, and became a publicly traded company in 1964. Mr. Dennis Kozlowski joined Tyco in 1975, and become CEO in 1992, at the age of 46. Kozlowski, a ruthless cost cutter, transformed the small England manufacturer into a multinational worth more than $120 billion. Nothing seemed to hold Kozlowski back as a businessman, driving him to unforetold success, and later to his downfall.  What Happened : Tyco's former CEO Dennis Kozlowski, former CFO Mark Swartz, and former General Counsel Mark Belnick gave themselves no-interest and very-low interest loans, sometimes disguised as special bonuses, without approval from the Tyco board, and never repaid these loans. These unapproved bonuses and uncensored extravaga
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