The Traitorous Tyco Scandal:
Sentencing of L. Dennis Kozlowski and Mark Swartz Business Law 447-A
Written By:
Lindsey Proffitt
White collar crime is not a victimless crime, and affects many people. These crimes can devastate a company, force investors to lose billions of dollars, and destroy people’s life savings. Through L. Dennis Kozlowski’s and Mark Swartz’s scandal reported in 2002, the Tyco Company lost over $28 billion dollars in debt. However, the biggest lash came to its shareholders who lost over $90 billion. The Tyco two were tried and found guilty in 2005, and are currently serving a 25- year- sentence. Crime never pays and it is only a matter of time before one is caught. The damage done affects all people involved including the innocent families of the victims and criminals. These two may not have ruined the company, but they ruined themselves. The question is was it worth it?
Partners in Crime: The Tyco Threesome
When people think of criminals; they tend to stereotype this to involve thugs and the lower class. However, this is not always the case. Participants of the privileged society are also capable of criminal behavior, but usually in a more complex manner. One of the more popular high society crimes involves business scandals and is termed “white-collar.” These crimes stem from greedy business and government professionals who become financially motivated to commit a nonviolent work related crime that usually includes hoarding large amounts of money. In 2002, the world came to realize that Tyco International was such a company to fall victim to this type of crime. In 2003, Ex- Tyco CEO L. Dennis Kozlowski, CFO Mark Swartz, and chief legal officer Mark Belnick were accused of committing grand larceny and conspiracy for falsifying Tyco business records and embezzling millions of dollars through the company.
Former director Frank Walsh was