mrchetsteadman Posted September 19, 2005 Share Posted September 19, 2005 NEW YORK ? Ex-Tyco International Ltd. (TYC) head Dennis Kozlowski (search) and his former finance chief Mark Swartz (search) were sentenced Monday to eight-and-a-third to 25 years in prison for stealing hundreds of millions of dollars from the company. The sentence was handed down by Judge Michael Obus, who presided over the pair's larceny and conspiracy trial in Manhattan Supreme Court. The two former executives were also ordered to pay total restitution of $134 million and were taken from the court in handcuffs. Kozlowski, who as chief executive was credited with building Tyco into one of the world's biggest manufacturing conglomerates, and Swartz were convicted of stealing more than $150 million from the company through secretly forgiven loans and undeserved bonuses. Kozlowski and Swartz also were accused of defrauding investors by selling $575 million in Tyco stock while misrepresenting the company's finances. An earlier trial of the two men ended in a mistrial. Assistant District Attorney Owen Heimer told the judge that Kozlowski "should not be shown any leniency." "He stole. He committed fraud. He committed perjury," Heimer said. "He engaged in a shocking spree of self-indulgence." Source: Fox News Link to comment Share on other sites More sharing options...
Boffa Jones Veteran Posted September 19, 2005 Veteran Share Posted September 19, 2005 Thread Moved Link to comment Share on other sites More sharing options...
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