Tuesday, September 20, 2005

Tyco executives sentenced up to 25 years

Dennis Kozlowski, the former Tyco International Ltd. chief executive, and the company's former chief financial officer, Mark Swartz, were sentenced on Monday to up to 25 years in prison. They had both been found guilty of stealing hundreds of millions of dollars from the U.S. company.
Judge Michael Obus handed down the sentence. He presided over the pair's larceny and conspiracy trial in Manhattan Supreme Court.Kozlowski and Swartz were also ordered to pay total restitution of $134 million US.Before the sentencing a prosecutor urged the judge to give the maximum 15 to 30 years in prison and to not show any leniency. Assistant District Attorney Owen Heimer said Kozlowski "engaged in a shocking spree of self-indulgence," spending the stolen money on a Manhattan apartment, artwork and a lavish birthday party for his wife.


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