Tyco executive to settle charges
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A former Tyco International Ltd. executive agreed to settle civil charges that he helped inflate the company’s profit through sham transactions, the Securities and Exchange Commission said Monday.
Edward Federman, who was chief financial officer of Tyco’s electronics division until he resigned in 2001, will pay $2.65 million in disgorgement, interest and civil penalties under the settlement, the SEC said.
Federman did not admit or deny the allegations in agreeing to settle. Under the accord, he will be barred from serving as an officer or director of a public company for five years.
His attorney declined to comment on the settlement, which must be approved by a U.S. District Court judge in New York.
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