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Two former Tyco execs sentenced to up to 25 years in prison

Two former Tyco execs sentenced to up to 25 years in prison

by Rick Turoczy on September 19, 2005

During his time at the helm of Tyco, L. Dennis Kozlowski once earned $267 million over a three-year period. He stayed at a lavish Fifth Avenue apartment with million-dollar paintings on the walls. He sailed around the world in a 130-foot yacht.

But on Monday, Kozlowski was led out of a courtroom in handcuffs to begin a lengthy sentence at an austere New York state prison for stealing hundreds of millions of dollars from Tyco to fund his extravagant lifestyle. The judge sentenced Kozlowski, 58, to eight and one-third years to 25 years behind bars; he will be eligible for parole after about eight years.

Tyco’s former finance chief Mark Swartz, 44, received the same sentence, and state Supreme Court Justice Michael Obus ordered the defendants to pay a total of $134 million in restitution to Tyco. In addition, the judge fined Kozlowski $70 million, and Swartz $35 million.

Two former Tyco execs sentenced to up to 25 years in prison

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