Kozlowski, Swartz Get 8 1/3 to 25 Years Monday, 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.
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Jesus Christ--The reason for the season!
If you can read this, thank a teacher. If you can read this in English, thank a veteran.
If you're certain you know everything, there's little opportunity to learn anything.
Most likely, these guys will end up in a minimum security prison somewhere. All the good roomies for them are in maximum security prisons.
I also notice they stole over $150M, yet only had to pay $134M in restitution. Assuming equal splits, that's $8M each. If they serve the eight years, they will have made $1M a year tax free. Who says crime doesn't pay.[&:]
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You may beat the rap, but you won't beat the ride!
If folks would read a little before they rant, they might save themselves some heartburn. Unlike all the other high-profile white collar criminals of late, these guys didn't get to stay out on bail while they appeal their cases. They were handcuffed in the courtroom and taken straight to Rikers Island. Hardly a hotel. The judge's sentence also mandated that they serve their sentences in a maximum security prison.
God, I hate to cool such a boiling cauldron of righteous indignation.
Ex-Tyco Bosses go to Prison
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.
