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Former Tyco CEO and CFO accused of embezzling funds to buy Elton show tickets

Tuesday 8 April 2003 @ 7:37 - GMT

Blue-chip U.S. company Tyco is suing Mark Swartz, its former chief financial officer, demanding $400m in returned compensation and damages for illegally enriching himself and others with company funds, according to reports on FT.com on April 2, 2003. 

Filed in New York federal court, the suit alleges Mr Swartz violated his fiduciary duty, helped other senior executives violate that same duty - including Dennis Kozlowski, former chief executive - worked to commit fraud and conspired to cover up the crimes.

Mr Swartz and Mr Kozlowski have been indicted by the New York district attorney for allegedly stealing $600m from the US conglomerate in undisclosed bonus schemes and illegal stock sales. The two have pleaded not guilty.

The lawsuit alleges that Mr Swartz conspired with Mr Kozlowski to use Tyco money and loans for activities ranging from real estate speculation to Elton John concert tickets.

[Ed. Look, don't anyone come up with some lame excuse about the cost of Elton concert tickets ok?]