Tyco: Mini Enron, or framed for fraud? | Multi Level Mondays
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The Trial of Kozlowski Schwartz and Mark Belnick in New Jersey
Kozlowski Schwartz, as well as former general counsel Mark Belnick all appeared in handcuffs before the state Supreme Court in Manhattan and pled not guilty to the charges. Kozlowski used loan programs selling his stocks and falsified proxy documents to inflate the company's worth. In one case, he withdrew about $62 million for relocations and then paid about $20, or gave the other $20, and reclassified the other $ 20 to loan accounts. Tens of millions were hidden in reserve accounts, forgiven. It's truly a shame this wasn't caught sooner, especially when it could have been had due diligence been performed. Richard Scalzo, PWC engagement partner who claimed to
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