ACCOUNTING WEEKLY

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TYCO SCANDAL SHOCKS THE FINANCIAL WORLD

The financial world is shocked to learn that a popular security company, Tyco, pulled off an epic scandal. The large, New Jersey based company was busted for the scandal just recently. The companies CEO Dennis Kozlowski and CFO Mark Swartz stole $150 million and inflated the company's income by $500 million. They accomplished this by getting money from unapproved loans and fraudulent stock sales. They also smuggled money out of the company, disguising it as bonus' and employee benefits.