The Securities and Exchange Commission announced Tuesday it had reached a settlement with Mark A. Belnick, the former Tyco International Ltd. general counsel, over claims he received around $14 million in unauthorized and undisclosed company relocation loans.

Without admitting or denying the allegations, Belnick agreed to pay a $100,000 civil penalty. He was also barred for five years from serving as a director or officer of a public company.

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