Defendant Says Tyco CEO Helped With Move
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Tyco International Ltd.’s former top lawyer testified in state court in New York that when he decided to move to Utah because of his son’s educational problems, former Chief Executive L. Dennis Kozlowski suggested that he open a Tyco office in his new home.
Mark Belnick, who is charged with stealing millions of dollars from Tyco, said Kozlowski offered company help financing a house and made the office suggestion to keep him from dumping stock options worth as much as $30 million.
Prosecutors say the $10.6-million relocation loan Belnick received is an example of how top Tyco executives abused the company’s interest-free loan programs.
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