Tyco Scandal Report
L. Dennis Kozlowski, the previous CEO of Tyco Intercontinental Ltd., and former Tyco finance primary Mark Swartz were sentenced Monday to up to quarter of a century in jail for thieving hundreds of millions of dollars from the company.
The men, who were immediately ordered into custody of the children, will be eligible for parole following serving 8 years and four months.
Loved ones wept inside the gallery as the paragraphs were imposed. Kozlowski was led from the front from the courtroom in handcuffs because his wife quietly sobbed from a bench 3 rows back.
State Supreme Court Proper rights Michael Obus ordered Kozlowski and Swartz to spend a total of $134 mil in reimbursement[n]: reparation; indemnity; settlement; compensation; indemnification; in addition , Kozlowski was fined $70 , 000, 000, Swartz $35 million.
The sentences end a case that exposed the executives' expensive lifestyle once they pilfered some $600 , 000, 000 from the firm including a $2 million toga birthday party pertaining to Kozlowski's wife on a Mediterranean island and an $18 million Manhattan apartment having a $6, 000 shower curtain.
Kozlowski, 58, and Swartz, 44, had been convicted in June after a four-month trial on 22 counts of grand larceny, falsifying business records, securities fraud and conspiracy. It was their second trial вЂ” the initial ended in mistrial after a juror said the lady received dangers following studies that the lady made an " OKвЂќ signal for the defense staff.
Kozlowski and Swartz would be the latest business owners sentenced to prison within a wave of white-collar scams that shook corporate America and very angry the public after thousands of people lost their careers and pension plan nest-eggs.