Ex-Tyco Exec Accused of Stealing Millions


On Feb. 3 prosecutors in New York City unveiled more charges against Tyco Int’l Ltd.‘s former general counsel, Mark Belnick, accusing him of stealing $12 million from the conglomerate by accepting a special bonus not approved by the board of directors.

According to Reuters, Manhattan District Attorney Robert Morgenthau announced a superceding indictment against Belnick, who served as Tyco’s top legal counsel until 2002. The indictment adds three new charges against Belnick, including first-degree grand larceny and falsifying business records.

The indictment also includes the original six counts of falsifying business records that were brought against Belnick last year.

The larceny charge stems from a bonus Belnick allegedly received in the form of $2 million cash and 200,000 Tyco shares, according to the indictment.

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