The former finance director of US conglomerate Tyco has been jailed for up to
25 years for his part in a fraud that netted up to $150m of the company’s money.
Mark Swartz, 44, was found guilty in June on 22 counts of grand larceny,
conspiracy, fraud and falsifying records, along with his former CEO, Dennis
Kozlowski spent millions of Tyco’s money on lifestyle trappings, including
lavish furnishings for his homes, with the collusion of Swartz.
The pair are among the first white collar criminals to be tried under state,
rather than federal, laws, and as a result will spend their time in state jails
where the conditions are notoriously appalling. They could serve a minimum
sentence of 100 months, however, if they are granted parole.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.