Tyco Sues Former Chief Financial Officer
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Tyco International has filed a $400-million lawsuit against former Chief Financial Officer Mark Swartz, claiming he looted the conglomerate for personal gain.
Swartz faces criminal charges of theft and fraud filed by government prosecutors, who say he and former Chief Executive L. Dennis Kozlowski stole $600 million from Tyco. He has pleaded not guilty.
The civil suit claims Swartz used Tyco to buy a $16.5-million penthouse in Manhattan; Miami Heat and Florida Panther sports tickets; cable service; country club memberships; and concert tickets to see Billy Joel and Elton John.
Swartz’s attorney, Charles Stillman, said the Tyco suit was “no more than a public relations stunt.”
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