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Tyco said that a five-month internal investigation had uncovered a corporate culture that openly encouraged managers to push the rules of accounting to mislead investors about the company's results. A memorandum to employees at one division directed them to find cost savings by ''financial engineering. Until now, Tyco had contended that financial abuses at the company were not widespread and that most of the abuses were related to the criminal charges that its former chief executive, L. Dennis Kozlowski, had looted the company of hundreds of millions of dollars.
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The infamous Tyco Scam of 2002

This business case considers how ethical problems have the potential to bring down an entire organization. Tyco International now known as Johnson Controls International plc was a large security systems organization that grew through numerous acquisitions. He enlisted the help of other Tyco officers and lower ranking employees to cover up for illegal financial transactions. Moreover, Kozlowski expanded the problem when his second wife received money diverted from the company. Court proceedings proved that he stole millions of dollars from Tyco, and that his illegal financial transactions were extensive.
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Tyco Search is a boutique retained executive search firm distinctly focused on those industries we know best. Our foundation and growth results from a consistent high level of service with unparalleled commitment to quality and integrity. We are a business partner with our clients, they rely on our network of candidates within the industry to help them achieve the next level of excellence. Our clients include venture capital firms with large life-sciences portfolios, start-ups with Angel funding and Fortune companies.
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