News
News
Ex Tyco Execs Found Guilty
Published: 17 June 2005
by Mike Buetow
NEW YORK - The former CEO and CFO of Tyco International were convicted today of looting the company of more than $600 million in corporate bonuses and loans.
Verdicts were handed down for Dennis Kozlowski and Mark H. Swartz following 11 days of jury deliberations. Kozlowski, the ex chief executive, and Swartz, the former CFO, were convicted of grand larceny, falsifying business records and 29 other charges. The men potentially face more than 25 years in prison.
It was the second time federal prosecutors had tried the two men. A previous trial ended in a mistrial in April 2004.
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