Tyco's former top lawyer cleared

This is the second trail brought against a Tyco executive

Tyco's former top lawyer Mark Belnick has been found not guilty of securities fraud and grand larceny.

He was acquitted on charges that he stole millions of dollars from the company and that he had kept bonuses and loans he received a secret.

The New York state Supreme Court jury also found Mr Belnick not guilty of falsifying business documents.

The trial of Tyco's former head Dennis Kozlowski and ex-finance chief Mark Swartz ended in a mistrial in April.

Relocation loan

They were accused of stealing $600m (£323m) from the company but a judge declared a mistrial, saying a juror had faced outside coercion.

Mr Belnick broke down in tears after the jury's decision was read.

"I feel terrific," he told correspondents.

"Right now I just want to take a deep breath and go home."

The trial heard how Mr Belnick received $14m in loans for moving to New York City when he started work for the US conglomerate and then, later, for moving to Utah.

The prosecution said he should have disclosed the loans.

But Mr Belnick said he understood the loans did not have to be filed with regulators and that the board was aware of them.

"Every dollar I received at Tyco I earned... Every dollar I received was authorised," Mr Belnick said during the hearing.