No video

The Massive Tyco Fraud Explained

  Рет қаралды 100,605

Wall Street Millennial

Wall Street Millennial

Күн бұрын

In this video we go over the Tyco fraud, which was one of the biggest corporate frauds in American history.
Join our free Discord Server: / discord
Check out our second channel, The Economic Outlook:
/ @brokenbusinessmodels
#WallStreetMillenial

Пікірлер: 143
@michaelclennan8425
@michaelclennan8425 3 жыл бұрын
As a retired CPA please note that, an unknown number of these frauds are never disclosed. The independent CPAs do not like to unsettle the client who is paying the CPA millions in fees. Many get away.
@Leosarebetter
@Leosarebetter 3 жыл бұрын
Thank you for your honesty, I have personally experienced two CPA's and two Solicitors who were balls deep in fraud and sucked most of my assets, all denied of course and conversations that apparently never took place..... nothing to see here and yes, they got away with all of it.
@Raelven
@Raelven 3 жыл бұрын
@@Leosarebetter sorry. Been there too.
@BenState
@BenState 3 жыл бұрын
Cowards.
@janegoodall1837
@janegoodall1837 2 жыл бұрын
Almost like most CPAs are scammers themselves. Leeches of society only looking for their next commission and willing to say anything to get it.
@michael_083
@michael_083 5 ай бұрын
Yep - Sadly, it dies at the audit committee; and is generally painted as an internal control MW.
@williamd7161
@williamd7161 3 жыл бұрын
A good example why we should also look at the lifestyles and characters of the CEO's before investing in a company.
@wrednax8594
@wrednax8594 3 жыл бұрын
Very good advice
@DumbledoreMcCracken
@DumbledoreMcCracken 2 жыл бұрын
Raytheon ex CEO has something like 200 high end classic cars.
@SevenFortyOne
@SevenFortyOne 2 жыл бұрын
I worked at a Tyco factory when this all went down. A class action suit was filed for those of us who owned company stock that had been devalued but we only received pennies on the dollar in reparations. It could have been worse - at least I didn't lose my job.
@mitchellambro4347
@mitchellambro4347 6 ай бұрын
I worked for ADT and every time the stock reports were being prepared. All commissions and pay was held back for a pay period so their cash would look good for the reports. Class action lawsuit only got what we were owed in interest with no penalty. I paid to buy an IPO and after it went up by 10x. I was given my money back and told the paperwork was never completed by HR. I enjoyed my time working for ADT and we did what we said we would do. We did it well. I appreciate your channel and your presentations. Please keep it up and as a Thank you. I would like you to research the grocery Unions. The fact the unions are for profit, have no contractual agreement to its individual members, and how it all works with intimidation, alliances and how it is an empty shell game.
@lucho_1980
@lucho_1980 3 жыл бұрын
Those guys got off easy. 6 years? That's a lot of money just for six years
@andrewjensen8189
@andrewjensen8189 2 жыл бұрын
When you are wrongfully imprisoned for 6 years they offer you like $500,000 lmao, so corrupt.
@power7239
@power7239 3 ай бұрын
6 years is worth more than that could be your last
@mcjon77
@mcjon77 3 жыл бұрын
Great job! I saw the American Greed episode on him, but it didn't explain the details of his fraud well. I was left thinking that he got shafted for getting 6 years. Now I think that he probably should have gotten more. This was large scale embezzlement and defrauding of shareholders.
@MindandQiR1
@MindandQiR1 3 жыл бұрын
I love this channel but every time I watch something here I feel sickened by the greed of the individuals involved.
@lisamarielund6292
@lisamarielund6292 3 жыл бұрын
I remember this clown. His wife spent something like $3,000 on a shower curtain.
@Mikebuddy2229
@Mikebuddy2229 3 жыл бұрын
I love this channel. If I haven't asked already, can you do a video on the following; 1. Kmart 2. Blockbuster 3. Radio shake 4. Woolco. 5. Pan Am 6. Worldcom 7. Sunbeam 8. Ames 9. Circuit City 10. Arthur Anderson I think any of these videos will awesome for your channel
@MrPaxio
@MrPaxio 3 жыл бұрын
shake dat radio
@AllHailNannerpuss
@AllHailNannerpuss 3 жыл бұрын
I'll take some Whey Protein in my Radio Shake. Thanks!🥤🥤🥤
@wallstreetmillennial
@wallstreetmillennial 3 жыл бұрын
these are all interesting companies, we'll make videos on them over time. We may do a Kmart video soon.
@Raelven
@Raelven 3 жыл бұрын
@@wallstreetmillennial toys r us and/or global crossing would be interesting also. 👍 Great content, tyvm.
@garyzeune8127
@garyzeune8127 2 жыл бұрын
Did anyone notice that there's no question to vote on?
@CaptainHarris-ip2kg
@CaptainHarris-ip2kg 6 ай бұрын
I thought Tyco made toys. :-(
@samsonsoturian6013
@samsonsoturian6013 3 жыл бұрын
I have a hard time understanding why some people compulsively spend tens of millions a year. What costs that much that you'd risk jail time or bankruptcy to get it? Maybe I'm just too use to living modestly...
@cameronhoglan
@cameronhoglan 3 жыл бұрын
Some people just spend money until their bank account hits zero regardless of the situation. They typically aren't aware of why that's a bad thing...
@garyzeune8127
@garyzeune8127 3 жыл бұрын
At this level rarely has nothing to do with spending money itsself. Do you think footballers would play as hard as they do if there wasn't a scoreboard to declare who won?
@thomasdrewel
@thomasdrewel 3 жыл бұрын
It's a maintaining lifestyle syndrome. For example, say a billionaire realizes he only has a billion left to spend in his life. He will keep living like a billionaire for a few months then be penniless rather than live humbly off the last billion. Cause everyone around will notice the drastic change and it will crush his ego... So they just keep spending
@garyzeune8127
@garyzeune8127 3 жыл бұрын
@@thomasdrewel I have 45 speakers. Half have been to prison for fraud.
@4evertrue830
@4evertrue830 3 жыл бұрын
Great work man but i believe they are not the only ones, there are many more of them out there. Pls keep exposing them...
@althunder4269
@althunder4269 3 жыл бұрын
Lots of this goes on. My Co. loaned me money to buy a house at low interest. But I had to pay it back.
@samsonsoturian6013
@samsonsoturian6013 3 жыл бұрын
"It was spelled out in the company's SEC filings the loans could only be used for that purpose." Me: Let me guess, someone used it to leverage up their stock options portfolio.
@JohnCompton1
@JohnCompton1 3 жыл бұрын
I remember getting Tyco slot car racing tracks many Christmas' as a child. The name still evokes fond memories for me.
@lisamarielund6292
@lisamarielund6292 3 жыл бұрын
Not the same company.
@lisamarielund6292
@lisamarielund6292 3 жыл бұрын
@Alan B. I WILL REPEAT MYSELF: NOT THE SAME COMPANY. Tyco Toys-Wikipedia Not to be confused with Tyco International. Tyco Toys acquired by Mattel in 1997. L. DENNIS KOZLOWSKI OF TYCO INTERNATIONAL CHARGED WITH 600 MILLION FRAUD SCHEME. I'm not sure how old you are but NEVER argue with somebody unless you know the facts. A 20 second internet search would have told you EXACTLY what I just posted here. .SMH
@andrewbuhman1066
@andrewbuhman1066 3 жыл бұрын
Outright theft. How did they think they would get away with that?
@mn4056933
@mn4056933 3 жыл бұрын
Who was doing their accounting? Their accountants were involved with the fraud!
@MSportsEngineering
@MSportsEngineering 3 жыл бұрын
Probably Arthur Anderson LOL
@rawlingsmbai4500
@rawlingsmbai4500 3 жыл бұрын
The CEO leading the fraud and the CFO being involved it was pretty much a done deal
@Quantum-1157
@Quantum-1157 Жыл бұрын
It was PwC. They settled with Tyco investors for $225 million after the fraud was uncovered.
@patw.6567
@patw.6567 3 жыл бұрын
if they thought about slowing down they would've gotten away with it and that's scary.
@samsonsoturian6013
@samsonsoturian6013 3 жыл бұрын
If they weren't degenerates, they wouldn't have risked jail time for frivolous things like yachts and vacation houses. Often ego, or an addiction to risk, or compulsive spending are the motives behind such crimes.
@financialanalysis931
@financialanalysis931 3 жыл бұрын
I love this channel!
@thegreatrestart7356
@thegreatrestart7356 3 жыл бұрын
@@benchoflemons398 your mom lied to you
@Raelven
@Raelven 3 жыл бұрын
Redeeming millennials everywhere!
@HyperbrandedGolf
@HyperbrandedGolf 3 жыл бұрын
These stories are great 👍
@pookachu64
@pookachu64 3 жыл бұрын
6 and a half years! Is that it?
@MarlinWilliams-ts5ul
@MarlinWilliams-ts5ul 3 ай бұрын
The NYPost had a field day with this Kozlowski chap.
@tfsupp
@tfsupp 3 жыл бұрын
In Australia TYCO was know as "Take Your Company Over"
@ivo7763
@ivo7763 2 жыл бұрын
Meanwhile, there's people in prison doing that much time for stealing groceries.
@djayjp
@djayjp 3 жыл бұрын
I like these fraud videos but perhaps you could expand out and do more company analysis videos and maybe videos about what companies have done well and why and what prospects they have etc.
@MSportsEngineering
@MSportsEngineering 3 жыл бұрын
Yep!
@MCorpReview
@MCorpReview 3 жыл бұрын
Totally forgot about this guy. He was really famous 20 yrs ago when the scandal first broke out. Nice 👍 and weird of him to take care of his ex wife
@scarffracker1918
@scarffracker1918 23 күн бұрын
They each should have gotten 25 years in prison. Six years is nothing.
@VOTEREPUBLICANS594
@VOTEREPUBLICANS594 3 жыл бұрын
6 years and a wake up and off he goes to dig up the millions . What a f' in joke
@spotify_ERROR404
@spotify_ERROR404 2 жыл бұрын
Thank you. 0:02 six youtube ads one content. 👍
@Rishabh-Dev-N3
@Rishabh-Dev-N3 3 жыл бұрын
Just imagine what will be going through the accountant's mind at that time. 😑
@GhostofSicklesleg
@GhostofSicklesleg 3 жыл бұрын
You think the CFO would have spent some money on that poodle on his head! That’s a crime upon itself allowing that hair
@peterbradshaw8018
@peterbradshaw8018 3 жыл бұрын
Just got Catherine S Neal's book "Taking Down The Lion." After I take my ACCA exams I will give it a go.
@panditaerawan970
@panditaerawan970 2 жыл бұрын
I still don't get it, In most recent fiscal year, many alert analysts questioned "why" debt attributable to tyco's industrial business doubled to $21.6 billion even though the company reported $4.8 billion in free cash flow. If debt and fcf's inkongruency is some sort of indicator, what should it look like? Assuming there's no accounting scandal? Pls send help.
@Albert-me1oe
@Albert-me1oe 2 жыл бұрын
Stealing from investors is the new trend from high fly executives. One actually must feel dumb by working a 9 to 5 job.
@ivanfisher9301
@ivanfisher9301 3 жыл бұрын
TYCO = Take Your Company Over
@blankblank1949
@blankblank1949 3 жыл бұрын
8:20 Gold digger be gold digger.
@nixonhoover2
@nixonhoover2 2 жыл бұрын
I worked at/for Johnson Controls.
@TheTubification
@TheTubification 10 ай бұрын
I hate videos that use robots to read the scripts.
@RussellD11
@RussellD11 3 ай бұрын
Are not "forgiven loans" not reported be TAX FRAUD? As income not reported and taxed?
@normbograham
@normbograham 3 ай бұрын
When you collect more and more facts, it would be a comedy, were it not true. Dennis Kozlowski severed the last part of his sentence (should we call it house arrest), where he reported in twice a week, for a quick pop in meeting in NYC (he called it solitary confinement, where he also worked a job, and clearly dated women). Was he ever "in" prison, or just house arrest, and reporting in twice a week. He currently lives in NYC, in a 2br overlooking the east river, with a woman (or what he calls middle class, lol). How does one meet women in NYC while in prison and in solitary confinement and date? Well, he only popped in for a meeting twice a week (most people are at work longer in one day). Also weird, that that Dennis Kozlowski paid $204 million back. Paid it back. (you almost need to repeat that, most thieves do not have the means to pay restitution and fines). He video conferenced in to his parole board meeting (I guess they did not want to trouble him and make him come in). etc. Dennis Kozlowski was one of the highest paid CEO's. But every time Dennis speaks, it's a mix of lies, exaggerations, and misdirection. If they ever make this a movie, it's going to be a comedy. He also sued Tyco, trying to get $100 million from them in retirement bennies. (he lost). He claimed the employees were whole in their retirement plans, which duh, he was never charged with raiding the retirement funds. (misdirection). The board gave him a $300 million dollar package (he was also on the board), but his part of the theft, was $97 million. He claims some of the funds stolen were put in tax deferred investments? tax deferred? did he just call Loans, tax deferred? He called his time reporting in for a pop in meeting while in prison, "solitary confinement", lol. I'm fairly certain, most people in solitary confinement do not navigate the streets of NYC, to get to solitary confinement.
@jorgeledesma2418
@jorgeledesma2418 3 жыл бұрын
I thought it was the toy company.
@OldFArt-gx9fh
@OldFArt-gx9fh 2 ай бұрын
L. Dennis Kozlowski - L is for Leo and he hated that name. I worked at Tyco during his reign and there were more than those two who “benefited” from the dodgy programmes.
@101519e
@101519e 3 жыл бұрын
FRAUDS AT THIS LEVEL...ALL DAY LONG
@LodgicalThoughts
@LodgicalThoughts 2 жыл бұрын
These 2 just didn’t know when to stop 😂
@Teardehawkee
@Teardehawkee 3 жыл бұрын
6 years.......is that all?
@Quantum-1157
@Quantum-1157 Жыл бұрын
They were white: 6 years was more than enough.
@wrednax8594
@wrednax8594 3 жыл бұрын
Please do a video on Naspers
@youknowitzg00d
@youknowitzg00d 3 жыл бұрын
I dont get why they would think they would get away with this. They wild
@teudaan
@teudaan 2 жыл бұрын
where were the rest of board of advisors? do those morons actually earn their pay by looking at these company financial papers? or they just collect their pays and be absolutely oblivious to all of these things going down because it's not like it's a quarter earning report, these schemes last years if not decade. Do the board of directors have any competent to oversee the company executives? wtf!? they should also be charged ! and 6 years for embezzled hundreds of millions? when tens of billions of money were wiped away from the company, that could had been thousands of retirees accounts, 401k. Maybe the judge should also had been charged for being incompetent, or the whole damn rigged system!
@sjwilloughby-greene8214
@sjwilloughby-greene8214 3 ай бұрын
Unfortunately this is fast becoming the norm not the exception. 🤨
@blankblank1949
@blankblank1949 3 жыл бұрын
DId the board partake on this, why the chairman didnt do anything.
@normbograham
@normbograham 3 ай бұрын
lol. the chairman of the board was Dennis Kozlowski. let that be a lesson, dont invest in companies where the ceo is also the head of the board and in charge of oversight, of himself
@D3xterJettster
@D3xterJettster 9 ай бұрын
I thought this was gonna be about tyco slot cars
@fredvogler1198
@fredvogler1198 Жыл бұрын
Once a pig, always a pig. OInk, Oink.
@kaczan3
@kaczan3 3 жыл бұрын
6:17 Problem, officer?
@J-remyM
@J-remyM 3 жыл бұрын
Deal a day Dennis
@estherrayos
@estherrayos 2 ай бұрын
It’s fraud that I did not authorize period They are not I charge of my funds
@ericnavarre4255
@ericnavarre4255 3 жыл бұрын
After watching these videos, I’m thinking I’m in the writing line of work. Who wants to start an MMM branch with me, it an open pyramid scheme and no one is getting in legal trouble for doing it. This is absolutely crazy. I know it’s a different video.
@danieljohnmorris
@danieljohnmorris 3 жыл бұрын
What happened to the money?
@qwaszxerdfcvtyghvb
@qwaszxerdfcvtyghvb 3 жыл бұрын
My comment is the second :) Really good and useful information on thus channel
@tatianahecksher4462
@tatianahecksher4462 3 жыл бұрын
This guys have no conscience.
@gchecktv9194
@gchecktv9194 7 ай бұрын
Greed
@ianirizarry30
@ianirizarry30 3 жыл бұрын
Such a shame they made the best toys back in the day.
@billmcg1676
@billmcg1676 3 жыл бұрын
Yeah, I had a couple of their mini race tracks with remote control racers. Way back in the day!
@SevenFortyOne
@SevenFortyOne 2 жыл бұрын
that was a different company not related to this Tyco in any way
@romanvicentequesadasuarez5403
@romanvicentequesadasuarez5403 Жыл бұрын
cause business break to ADT Duistribuitors at 2003
@synpse
@synpse 2 жыл бұрын
lol. soon as i saw that Florida state flag.
@johnrivera922
@johnrivera922 2 жыл бұрын
That’s the American dream!
@SolarPowerMyRV
@SolarPowerMyRV 2 жыл бұрын
everything measured in billions and trillions of dollars now. Im so far behind at this point
@davidallen8611
@davidallen8611 3 жыл бұрын
Sam Waskal of Imclone????
@dthor5150
@dthor5150 7 ай бұрын
AMP1.❤
@maxlew1847
@maxlew1847 3 жыл бұрын
Crooks in castle's
@MOJOE85
@MOJOE85 3 жыл бұрын
Didn't tyco have a toy co.?
@ianirizarry30
@ianirizarry30 3 жыл бұрын
Yea it was a big part of my childhood
@davidjma7226
@davidjma7226 3 жыл бұрын
Yeah, it was not a real company!
@MOJOE85
@MOJOE85 3 жыл бұрын
@@davidjma7226 so by not a real co. They laundered or something or is this a Mandela effect thing where it never existed all of a sudden
@skycloud938
@skycloud938 3 жыл бұрын
There is a pattern with the Ponzi people..
@oregongaper
@oregongaper 3 жыл бұрын
It's Boca Raton, not Rotan
@smokey1517
@smokey1517 Ай бұрын
Shit I'll do 6 years for a few hundred million dollars
@rafaelmolina123
@rafaelmolina123 3 жыл бұрын
When will Reddit IPO? 😁
@JohnXOsterman
@JohnXOsterman 3 жыл бұрын
These guys…
@dthor5150
@dthor5150 Жыл бұрын
What A pair you know that's the world we live in now better to have Adjusters for Everybody in high office CEOs.Tec1 Dig.
@peterbland7227
@peterbland7227 5 күн бұрын
Gosh. Sounds like Trump Org.
@jonnyjones435
@jonnyjones435 3 жыл бұрын
U need a new microphone
@capote4779
@capote4779 3 жыл бұрын
Lavish consumption? These loans have almost nothing to do with why johnson controls bought them and Mr. oliver is now ceo of a 11 billion dollar company. Yes these loans were mismanaged and they spent money on the wring items but the accountants are ultimately at fault. The bigger question would be perhaps this is why america still doesnt have a healthcare program that covers all people? There is a real problem here we are the only country in the world that does not offer healthcare to all of its people. Why? Is it a system of dysfunction that prevents that but allows us to spend trillions overseas each year keeping an active military in over 100 countries? Why not do a video on that and then explain how we dont have healthcare for all. Maybe because we have had cobra since 1985? Appropriate name cobra a snake to provide the unemployed people unaffordable healthcare for three and a half decades. Maybe thats whose been in control? Says a lot about our country that we choose to gouge the least of society - the unemployed, by charging them 500% of what they were paying in a group health plan to get health insurance "just in case". Isnt that the bigger fraud here? Yet we will spend trillions overseas each year? No need to make a video about that. The fact is the cobra has been in charge of this country since 1985 and the rest of these problems are nothing more than spin offs of that.
@mikewhite255
@mikewhite255 8 ай бұрын
I'm sure they had plenty of that cash hidden away for when they got out of prison . not fooled by the middle class life 😂 probably still living a great life on other people's misfortune.
@normbograham
@normbograham 3 ай бұрын
Middle class? Do you know what a 2 br costs overlooking the east river in NYC? And he didnt need to hide any money. He was one of the highest paid CEO's out there. He paid the fines, and restitution ($204 million total), and still had money. His greed was just off the charts. He also sued Tyco, to pay him $100 million in retirement bennies. He lost.
@lennykoss8777
@lennykoss8777 3 жыл бұрын
🤔🤔
World's Most Insane Ponzi Scheme Is Still Operating Today
9:45
Wall Street Millennial
Рет қаралды 148 М.
The Worldcom Fraud Explained
16:39
Wall Street Millennial
Рет қаралды 66 М.
Matching Picture Challenge with Alfredo Larin's family! 👍
00:37
BigSchool
Рет қаралды 46 МЛН
❌Разве такое возможно? #story
01:00
Кэри Найс
Рет қаралды 3,7 МЛН
王子原来是假正经#艾莎
00:39
在逃的公主
Рет қаралды 14 МЛН
Enron - The Biggest Fraud in History
19:04
ColdFusion
Рет қаралды 8 МЛН
How the Cryptoqueen Stole Billions | Investigators
12:00
VICE News
Рет қаралды 748 М.
Forensic accountant explains why fraud thrives on Wall Street
7:36
The $400 Million Ponzi Scheme That Suckered San Diego
18:04
Bloomberg Originals
Рет қаралды 1,1 МЛН
The freakonomics of McDonalds vs. drugs | Steven Levitt
22:01
Kevin O'Leary Isn't A Billionaire, He Just Plays One On TV
24:02
Wall Street Millennial
Рет қаралды 228 М.
When Greed Goes Too Far - The Worldcom Fraud
18:52
ColdFusion
Рет қаралды 3,4 МЛН
Why can’t prices just stay the same?
7:31
Vox
Рет қаралды 1,5 МЛН
HSBC: Tax Evasion, Money Laundering for the Mafia & Currency Manipulation | HSBC Scandal Documentary
57:36
Java Discover | Free Global Documentaries & Clips
Рет қаралды 1 МЛН
The Enron Fraud Explained
19:20
Wall Street Millennial
Рет қаралды 366 М.
Matching Picture Challenge with Alfredo Larin's family! 👍
00:37
BigSchool
Рет қаралды 46 МЛН