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Tyco Purchases The CIT group
director Frank Walsh helps arrange the deal when Tyco announces $9.2 billion cash and stock deal to purchase the CIT Group, a commercial finance company. -
New York Stock Exchange
Tyco shares are closed at a high of $59.76 on the New York Stock Exchange -
Kozlowskis idea ofI 4 Independent Company
Kozlowski announces plans to split Tyco into four independent, publicly traded companies. The announcement starts a slide in the price of Tyco shares. -
CEO and CFO purchase open market stocks
Kozlowski announces that he and Mark Swartz (Tyco's then CFO) will each purchase 500,000 Tyco shares on the open market. This move is made as an assurance of the value of Tyco stock. -
Tyco Shares Decrease sharply in value
Tyco shares drop sharply, one day after the company filed a proxy report with the Securities and Exchange Commission disclosing that Walsh got a $10 million fee on the CIT Group deal, and that another $10 million went to a charity where he was a director Kozlowski explains that the $20 million paid to Frank Walsh was a finder's fee for the acquisition of CIT. -
Kozlowski resigns as CEO of Tyco
Kozlowski resigns unexpectedly as The New York Times reports he is the subject of a sales tax evasion investigation by Manhattan District Attorney Robert Morgenthau's office. -
Tax Evasion
Morgenthau announces a criminal indictment accusing Kozlowski of conspiring to evade more than $1 million in state and city sales tax on fine art purchases. -
Fraud annoucement
Morgenthau announces a criminal indictment accusing Kozlowski and Swartz of enterprise corruption for allegedly stealing more than $170 million from Tyco and obtaining $430 million by fraud in the sale of company shares. Former Tyco corporate counsel Mark Belnick is charged separately with falsifying records to conceal more than $14 million in company loans. -
Frank Walsh Guilty
Former Tyco board member Frank Walsh pleads guilty in an alleged scheme to hide the $20 million in fees for the CIT Group deal. -
First trial of Kozlowski and Swartz
The first trial of Kozlowski and Swartz begins with opening statements in which prosecutors characterize them as crime bosses who looted Tyco. Defense lawyers call them honest executives who deserved and disclosed all corporate payments and perks. -
Kozlowski Testifies
Kozlowski, who did not testify at his first trial, takes the stand and testifies that the millions of dollars in Tyco payments and perks he received had been properly authorized and disclosed -
Guilty
A Manhattan jury finds Kozlowski and Swartz guilty of stealing more than $150 million from Tyco. They each could face 25 years in prison.
