Tyco Trio Charged In $600M Accounting Fraud

Law360, New York (December 21, 2006, 12:00 AM EST) -- Three former executives at industrial conglomerate Tyco International Ltd. were sued by the U.S. Securities and Exchange Commission on Thursday for their alleged role in an accounting fraud that inflated Tyco’s operating income by more than $600 million over several years.

Richard D. Power and Edward Federman were sued in the U.S. District Court for the Southern District of New York under claims they designed fraudulent accounting practices that violated antifraud and recordkeeping provisions of federal law.

Richard J. “Skip” Heger, a third former Tyco executive,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.