• Hi Guest: Welcome to TRIBE, the online home of TRIBE MAGAZINE. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register. Join us!

Former Tyco execs sentenced to up to 25 years in prison for looting company

C

Chris

Well-Known TRIBEr
25 years and $135million in restitution!
-----------------------------

Former Tyco execs sentenced to up to 25 years in prison for looting company


Kozlowski, Swartz order to repay US$134 million in restitution


Monday, September 19, 2005


By IE Staff

Dennis Kozlowski, ex-CEO of Tyco International Ltd., and former Tyco finance chief Mark Swartz were sentenced Monday to up to 25 years in prison for stealing hundreds of millions of dollars from the company.

The men, who were immediately ordered into custody, will be eligible for parole after serving eight years and four months.

State Supreme Court Justice Michael Obus ordered Kozlowski and Swartz to pay a total of US$134 million in restitution; in addition, Kozlowski was fined $70 million, Swartz $35 million.

The sentences capped a case that exposed the executives’ extravagant lifestyle after they pilfered some $600 million from the company including a $2 million toga birthday party for Kozlowski’s wife on a Mediterranean island and an $18 million Manhattan apartment with a $6,000 shower curtain.

Kozlowski, 58, and Swartz, 44, were convicted in June after a four-month trial on 22 counts of grand larceny, falsifying business records, securities fraud and conspiracy. It was their second trial after the first ended in mistrial.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=30516&IdSection=8&cat=8
 
deep

deep

TRIBE Member
Yeah, caught this yesterday. Ah Koz, burn you opulent fuck. The $2 million Roman themed party on company cash was bad, but I think the $150 million of illegal bonuses were worse.

He'll probably only end up doing around 8-12, but still a landmark case. Since it was at a state court, they will be doing harder time than at a minimum security prison.

Next up on the kleptocracy chopping block: Enron, Conrad Black?
 
Subscribe to Cannabis Goldsmith, wherever you get your podcasts
R

raven

TRIBE Member
I used to work for Tyco from 99' till 02'.

Met Kozlowski once when he came to visit our facility a few months after 9/11. He gave a memorable speech and there was one line that I still remember vividly to this date....it went something like this........

"Everyone at Tyco must do their part and come together as one and save in order for Tyco to keep progressing and strive towards excellency. Together we can all achieve endless good fortunes".

When I look back now on what he said that day, he meant every single word that spurted out of his mouth. Every employee at Tyco should save so that he can enjoy the fruit of our hard labour.

Bastard!!! I hope he becomes someone's bitch in prison!!!
 
You must log in or register to reply here.
Top