Concord, N.H. (Feb. 21, 2003) -- Former Tyco chief financial officer Mark Swartz pleaded innocent Thursday to charges he evaded nearly $5 million in federal income tax.

A lawyer for Swartz entered the plea before U.S. District Judge Joseph DiClerico, who set a trial date of Tax Day, April 15.

A federal grand jury in Concord indicted Swartz and accused him of filing a return that failed to report a $12.5 million bonus he received in 1999. The indictment was made public on Wednesday.

Swartz, 42, helped build the company into a major corporation through a series of acquisitions, but accounting problems helped send the company into a downward spiral.

Swartz left Tyco last year as a criminal investigation by New York City prosecutors ballooned into charges that he and former CEO Dennis Kozlowski stole hundreds of millions of dollars from the company. Both men have pleaded innocent.

-- Electronic Accountant Newswire staff

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