Friday, June 17, 2005

Former Tyco chiefs found guilty

NEW YORK (Reuters) - Former Tyco International Ltd. (NYSE:TYC - news) Chief Executive Dennis Kozlowski and finance chief Mark Swartz were found guilty on Friday of stealing more than $150 million in secretly forgiven loans and unauthorized bonuses from the company.The jury of six women and six men returned their verdict on the 11th day of deliberations. The trial in State Supreme Court in Manhattan lasted more than four months.This is the second time the two men -- who built Tyco into one of the world's biggest manufacturing conglomerates -- have been tried on allegations they misused company funds. The first case ended in a mistrial last year when a juror reported receiving a telephone call and a threatening letter about the case during deliberations.

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