NEW YORK (CNNMoney.com) - Tyco International Ltd. has agreed to pay a $50 million civil penalty to settle charges that it inflated its results and participated in accounting fraud, the Securities and Exchange Commission said Monday.

Regulators said that, from 1996 to 2002, Tyco (down $0.05 to $25.96, Research) used improper accounting techniques to overstate its reported financial results by at least $1 billion.

"This enforcement action shows that, in addition to looting the company, Tyco's (Dennis) Kozlowski-era management lied about the company's financial results," Linda Chatman Thomsen, the SEC director of enforcement said in a prepared statement.

Dennis Kozlowski served as Tyco's CEO from 1996 to 2002. Last June he was found guilty of looting the company and was subsequently sentenced to 8-1/3 to 25 years in prison.

Tyco, which agreed to the settlement without admitting to or denying the charges, issued a statement following the settlement.

"We have cooperated fully with the SEC and are pleased to be able to close this chapter in Tyco's history," Tyco Chairman and Chief Executive Officer, Ed Breen said in a statement.

Tyco reported that it had already earmarked $50 million to cover the settlement, which was reported in previous public filings.

Regulators also charged the company with making false statements or omissions in its both SEC filings and public statements.

_______________

Missed out on the rest of the day's headlines? Click here.