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Tyco International 2002 : He Stole $400 Million From His Own Company. The Board Approved Every Dollar — EP42 T1
Description
In 2002, Tyco's CEO Dennis Kozlowski was indicted for stealing $400 million from his own company. He didn't forge wire transfers. He used the company's own loan program — borrowed, had the loans forgiven by a compensation committee he controlled, and booked everything as authorized compensation. The board approved it. The auditors signed it. The minutes recorded it as legitimate.
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This episode dissects the Tyco International fraud, the executive loan forgiveness mechanism, and the compensation committee capture that turned a public company's governance structure into a personal extraction vehicle across six years of authorized theft. Dennis Kozlowski. Tyco International. Corporate governance fraud. Executive compensation fraud. Sarbanes-Oxley. Big Four audit failure. Fortune 500 fraud.
Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.