TYCO FRAUD SCANDLE: EARNING MISMANAGEMENT AND FRAUD (Essay Sample)
The task was to writer two page essay on earning mismanagement based on accounting information that was reported recently. I chose tyco fraud scandal report where the managers gave themselves huge allowances and loans that were later discovered after a report from a whistle blower. The managers and ceo were fined, fired, and jailed.
source..TYCO FRAUD SCANDLE: EARNING MISMANAGEMENT AND FRAUD
Tyco was founded in1960 and incorporated in1962, the Tyco-international-company is based in United States, New Jersey with headquarters in Princeton, it was incorporated in the republic of Ireland. Tyco International company deal with product like blue-chip, fire protection, and security line, it is a Swiss security systemic company.
I love this company because of my interest in system security and cyber security issues. This kind of products are majorly loved, and investing in them brings with it a higher return. Again the company has registered good returns years before the scandal and therefore it was very attractive to the investors.
In the year 2002, in the normal company operations, the company businesses it entered into a bigger fraud. The fraud was initiated by the company CEO and CFO. At the time the main CEO was Dennis Kozlowski and the former company CFO by the name Mark Swartz.
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