Former FD jailed for $150m fraud
Former finance director of US conglomerate Tyco jailed for his part in massive fraud
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.