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Leo Dennis Kozlowski [1] (born November 16, 1946) is a former CEO of Tyco International, convicted in 2005 of crimes related to his receipt of $81 million in unauthorized bonuses, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment banking fee to Frank Walsh, a former Tyco director.
Dennis Kozlowski is at the heart of one of the biggest corporate scandals of the early 2000s. Kozlowski was the CEO of Tyco International, a security system company, from 1992 to 2002 and lived a ...
With a new management team in place, Tyco began a two-phase internal investigation of former CEO Kozlowski. The investigation led to Tyco filing two federal lawsuits. On September 12 and December 6, 2002, Tyco filed a federal suit against Kozlowski and an arbitration claim against former CFO and director, Mark H. Swartz.
Tyco International Ltd. (TYC) filed documents with the Securities & Exchange Commission to spin off its Electrical & Metal Products division, which accounted for about 8% of its revenue last year.
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Conglomerate Tyco International lent its chief executive, L. Dennis Kozlowski, at least $88 million from 1999 to 2001. During Tyco's 2001 fiscal year, as he continued to say publicly that he rarely if ever sold his Tyco shares, Mr Kozlowski returned $70 million of the stock to the company, partly to repay loans.
The Key Employee Loan Program is another Tyco program which was looted by Kozlowski. This was a long-standing program for executives to set up loans to encourage stock ownership. The loans were intended to relieve the executive of the need to liquidate stock to pay taxes. Kozlowski turned this program into a personal line of credit.
There's no foolproof way to know the future for Tyco International (NYS: TYC) or any other company. However, certain clues may help you see potential stumbles before they happen -- and before your ...