Belnick Says He Took Tyco CFO’s Word

Mark Belnick testified at his criminal trial that Tyco International Ltd.’s former finance chief told him that he didn’t have to tell regulators about millions he borrowed from the company.

Belnick, Tyco’s former general counsel, told jurors that he had no reason to doubt the finance chief. Belnick is charged with falsifying business records for failing to record almost $15 million in interest-free company loans on forms used to prepare government filings. He said former Chief Financial Officer Mark Swartz told him the loans were exempt from disclosure.