| Ex Tyco Execs Sentences: Up to 25 Years |
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| Written by Mike Buetow | |||
| Tuesday, 20 September 2005 05:32 | |||
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NEW YORK -- Former Tyco International CEO L. Dennis Kozlowski
and CFO Mark Swartz were sentenced on Monday to up to 25 years in prison and
fined a collective $239 million for looting the company of
hundreds of millions of dollars.
The men were taken immediately into custody. Kozlowski, 58, and Swartz, 44, will be eligible for parole after about eight years. They will be remanded to a state prison in New York. The judge was unmoved by pleas for leniency by the defendants and their attorneys. The pair was also fined $134 million, to repay funds stolen from Tyco. Kozlowski was also hit with a separate fine of $70 million, and Swartz was fined an additional $35 million. Because Kozlowski and Swartz were convicted in state court, they will be sent to a New York prison. Their attorneys asked for that they be freed on bail pending their appeals.
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| Last Updated on Thursday, 22 September 2005 17:01 |
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