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Accountancy fraud

How did they do it?

George Vlachonikolis analyses the Tyco scandal to highlight some ideas about finances, culture and ethics that are useful when studying A-level business

Boca Raton, Florida

Fifteen years ago, one of the largest corporate fraud schemes ever seen unfolded. Two top executives were charged, convicted and eventually served over 8 years in jail. It wasn’t Enron — it was Tyco International.

Tyco was a large, sprawling conglomerate that sold everything from plastics to financial services to fibre-optic cables, though its main focus was as a manufacturer of electrical, healthcare and safety equipment. In the UK, Tyco is probably best known for its security systems and its ADT burglar alarms. At its height, Tyco employed 270,000 people.

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