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03 Sep 2008
The CFO and CEO of Tyco, who were jailed three years ago after being found guilty of stealing more than $150m from the company, have launched an appeal against their convictions claiming the jury that found them guilty had insufficient evidence, according to a Reuters report.
CEO, Dennis Kozlowski, and CFO, Mark Swartz, were convicted in June 2005 and sentenced to serve a minimum of eight years in prison, though the judge delivered terms of 8 and one third to 25 years for both executives.
Reuters reports that legal teams for the two men will claim that the trials in which they were convicted were flawed for a number of reason and that the convictions should be quashed.
One argument will be that a key prosecution witness unfiarly prejudiced the jury.
In Swartz’s case his lawyers will claim that his defense was damaged by a refusal to allow a subpoena for notes of conversations between the CFO and other board members, Reuters reports.
The appeals began in New York’s highest court yesterday, Reuters said.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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