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Dennis Kozlowski

Dennis Kozlowski. Tyco International Ltd. Idris Adesanya, Joshua Alderson, Uchee Emejulu, Brad Evans. Tyco Background. Fire & Security products Electronics Health Care Engineered Products & Services. Tyco Background. Security & Fire Suppression Systems Automobile parts

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Dennis Kozlowski

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  1. Dennis Kozlowski Tyco International Ltd. Idris Adesanya, Joshua Alderson, Uchee Emejulu, Brad Evans

  2. Tyco Background • Fire & Security products • Electronics • Health Care • Engineered Products & Services

  3. Tyco Background • Security & Fire Suppression Systems • Automobile parts • Firefighter equipment • Medical diagnostic equipment • Water purification systems

  4. 2005 Financials • $30.727 billion revenue • $5.795 billion operating income • $3.032 billion net income • Over 250,000 employees worldwide

  5. Mission Statement • “We will increase the value of our company and our global portfolio of diversified brands by exceeding customers' expectations and achieving market leadership and operating excellence in every segment of our company.”

  6. Issues and Legal Claims • Tax Evasion • Misappropriation of corporate funds • Falsifying business records

  7. Specific Instances • Evasion of $1 million in sales tax • $600 million stolen corporate funds • Took out company loans without informing investors • Spent $1 million in company funds for wife’s birthday party

  8. Timeline

  9. Timeline Facts • "Kozlowski, Swartz and Belnick treated Tyco as their private bank, taking out hundreds of millions of dollars of loans and compensation without ever telling investors," said Stephen Cutler, the SEC's director of enforcement.

  10. Timeline Facts • Kozlowski also allegedly pillaged a fund Tyco uses to help executives relocate to buy his first wife, Angie, a $7 million Park Ave. apartment. Swartz dipped into the fund to buy a $6.5 million Upper East Side apartment, according to authorities. So did Belnick, investigators said, who used $14 million to buy a Central Park West pad and a ski chalet in Utah.

  11. Timeline Facts • Kozlowski allegedly billed Tyco $72,042 for jewelry, $155,067 for clothing, $96,943 for flowers, $60,427 for club memberships, $52,334 for wine and $110,000 for corporate use of his personal yacht

  12. Legal and Ethical Matters • Worth at least $500 million Kozlowski swindled New York City out of $1 million in sales tax due on fine art (tax evasion; definitely a crime). • Analysis

  13. Legal and Ethical Matters • $170 million stolen from company account • $430 million stock sales • Analysis

  14. Dennis Kozlowski • Sentenced 8 years and 4 months to 25 years in prison.

  15. Questions & Answers

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