Prosecutors in the case against former Tyco chief executive, Dennis Kozlowski and former chief financial officer, Mark Swartz rested their case last week, arguing that the scenario put forward by the two men in their defense was a "ludicrous" one.
Kozloswki and Swartz stand accused of grand larceny, securities fraud and falsifying business records, and are alleged to have received more than $150 million in unauthorized loans and bonuses from Bermuda-based Tyco.
Lawyers for the defense have argued that the executives were very well compensated by the firm, meaning that they would have no reason to steal from it. They have also claimed that the loans and bonuses were approved by the Tyco board of directors, and that the firm's auditor, PricewaterhouseCoopers was aware of the payments.
The jury is expected to begin deliberations on the case this week.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment