What is tyco

The scandal turned into a long, drawn out trial as the two accused men vigorously denied any wrongdoing and fought the charges vehemently. The trial ended in mistrial and a retrial occurred in At this second trial, they were both declared guilty of more than 30 individual corporate violations. The first trial ended in mistrial because of a suspicious incident that happened during the final jury deliberations.

While she insisted that had not been the gesture she made, the publicity of incident by the Wall Street Journal led many people to believe it had been a set up for the defendants. The presiding Judge Michael Obus declared a mistrial over the incident on April 4th of In the June 17th jury verdict of the second trial on the Tyco International scandal in , the pair Kozlowski and Swartz received convictions on every one but a single one of the over 30 counts leveled against them.

The verdicts brought possible jail times of as many as 25 years in state level incarceration. Kozlowski received a minimum of eight years and four months of jail time with a maximum sentence of 25 years possible. Swartz experienced the exact same sentence for his role in the Tyco International scandal. This did not change the fact that the two men had to pay an enormous amount of money back in restitution and fines for the benefit of the thousands of injured share holders who suffered from the Tyco International scandal.

Their counts on which they were convicted included the full gamut of corporate theft and deception.

Tyco international scandal case study

These were such well known corporate crimes as grand larceny, securities fraud , falsifying business records, and conspiracy. Thousands of individual middle class Americans and their families had either lost their means of employment or their entire retirement life savings in the corporate thefts, scandals, and frauds. Founder of Adelphia Communications Corp John Rigas received a 15 year jail sentence for his part in fraud and looting of the treasury at the mega cable TV corporation.

Former finance chief and son Timothy Rigas similarly received 20 years jail time for his complicity in the affair. Kenneth Lay died of a heart attack before he could begin to serve out his sentence.