Edward Federman

New York, NY: (Apr-30-07) The US Securities and Exchange Commission brought civil charges against a former Tyco International Ltd. executive, Edward Federman, accusing him of inflating the company's profits through sham transactions. Edward Federman, who was the chief financial officer of Tyco's electronics division until he resigned in 2001, agreed to a settlement with the SEC in which he agreed to pay $2.65 million in disgorgement, interest and civil penalties. Federman entered the settlement agreement though he did not admit or deny the allegations. Further, as part of the agreement, he will be barred from serving as an officer or director of a public company for five years. Former Tyco Chief Executive Dennis Kozlowski and former finance chief Mark Swartz were convicted of criminal charges in June 2005 of stealing more than $150 million from the company. They are now in prison. [REUTERS: TYCO CFO FRAUD]

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Published on May-3-07