Word: tyco
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...dispute over such a relatively minor sum should turn out to be Kozlowski's, and his company's, undoing. (It was tax evasion, after all, that finally put Al Capone away.) Prosecutors claim that Kozlowski and his art dealers, who are cooperating with the investigation, had paintings shipped to Tyco's modest U.S. headquarters in Exeter, N.H., and then immediately returned to Kozlowski's apartment on New York City's Fifth Avenue--and in some cases shipped empty boxes to New Hampshire--to claim an exemption from New York sales tax. But those allegations look like just the starting point...
That source tells TIME that the D.A. and the U.S. Treasury Department are separately probing and exchanging information on firms like Tyco that have slashed their taxes by incorporating in Bermuda and other offshore havens. Last Tuesday Manhattan district attorney Robert Morgenthau journeyed to Washington to dine with David Aufhauser, general counsel of the Treasury Department, where they discussed offshore companies and possible money laundering...
...Tyco, of course, is only one of many corporations--Enron, Global Crossing, Adelphia, Dynegy--that have recently been tainted by scandal, visibly damaging the confidence of investors and weighing on the stock market. "People have real fears and concerns about the integrity of the marketplace," says Patrick McGurn, vice president of Institutional Shareholder Services, a firm that advises big investors like pension funds...
...concerns about possible money laundering that got regulators so interested in Tyco. In January the New York State banking department alerted the Manhattan D.A.'s office that a wire transfer of almost $4 million had been made from a Tyco bank account in Pittsburgh, Pa., to the New York City bank account of art dealer Alexander Apsis, who in turn moved much of the money to an account in the Bahamas. The D.A. had briefly investigated Tyco three years ago, looking into whether a Tyco director had fraudulently sold his $2.5 million Florida home to the company's general counsel...
Last week's revelations, which helped push down Tyco's already-sinking stock, only added to a cloud of suspicion that has been hanging over the conglomerate. For years, critics like Prudent Bear Fund manager David Tice have alleged that Kozlowski was using aggressive, although not illegal, accounting methods to overstate the earnings of a collection of slow-growth businesses. By encouraging a company to depress its earnings just before it was acquired, usually in the form of large write-offs of intangible assets, the critics assert, Tyco made its subsequent growth appear that much stronger...