Former Tyco execs sentenced

Manufacturing News, Source : TheManufacturer.com
Published : 19 Sep 2005 21:01

L. Dennis Kozlowski, the former CEO of manufacturing conglomerate Tyco International, and Mark Swartz, Tyco’s former finance chief, were sentenced today to up to 25 years in prison for stealing about $600 million from the company.

Kozlowski and Swartz will be eligible for parole after eight years and four months. They were ordered to pay a total of $134 million in restitution. Kozlowski was additionally fined another $70 million, while Swartz was fined an additional $35 million.

The pair was convicted in June 2005, in their second trial, on 22 counts of grand larceny, falsifying business records, securities fraud, and conspiracy.

Tyco International employs approximately 250,000 people and annual revenue of $40 billion.

Comments on this story

click here to add a comment