New York (Feb. 26, 2004) -- Troubles are mounting for former Tyco International chief financial officer Mark Swartz, who recently testified in a U.S. District Court in Manhattan that he borrowed money from the company's New York City relocation loan program, and accepted a ''tax gross-up'' to cover expenses, even though he was never a New York resident, according to published reports.
Swartz and his former boss, Dennis Kozlowski, are on trial for allegedly stealing $170 million by hiding unauthorized pay and secretly forgiving loans. They also allegedly earned another $430 million from Tyco stock by lying about the company's finances from 1995 to 2002.
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