Former Tyco execs convicted
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Manufacturing News, Source : TheManufacturer.com
Published : 17 Jun 2005 21:18
Former Tyco International CEO Dennis Kozlowski and former CFO Mark Swartz were convicted of looting the company of more than $600 million.
The two men were convicted of grand larceny and falsifying business records, among other charges. The grand larceny conviction carries a prison sentence of up to 25 years.
The verdict came after a four-month trial, the second for the former executives. The pair’s first trial was declared a mistrial after one of the jurors received a threatening letter. That same juror was reported by more than one news organization as having given an “OK” gesture toward the defendants earlier in the trial. In that trial, the jury had been deadlocked after 11 days of deliberation, with one unidentified juror reported as being a holdout.
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