Justice: Ex-Tyco execs get up to 25 yrs
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For those that had no belief that any of the crooks and swindlers that pilfered and plundered the company treasuries that they had access to when they were CEOs, CFOs and other highly placed individuals that enjoyed lives of wealth and power, the bells of justice do eventually toll.
You can be a friend of George W., a friend of William Jefferson, or a friend of just about anyone, but eventually, if you made your money by ripping off others, you will be nailed for it, and you will face the penalties, as the former executives at Tyco are now finding themselves facing.
Ex-Tyco execs get up to 25 yrs
NEW YORK (Reuters) - Dennis Kozlowski and Mark Swartz, former Tyco International Ltd. top executives who were found guilty of stealing more than $150 million from the company, were each sentenced on Monday to up to 25 years in prison.
The sentences, were handed down by Judge Michael Obus, who presided over the pair's grand larceny and conspiracy trial in Manhattan Supreme Court. They were sentenced to between 8 1/3 years and 25 years.
Former Chief Executive Kozlowski, 58, and Chief Financial Officer Swartz, 45, were each found guilty in June of 22 counts of grand larceny, conspiracy, fraud and falsifying business records. They have vowed to appeal the verdicts.
The two were ordered on Monday to pay restitution to the company of around $134 million. Kozlowski was also fined $70 million and Swartz was fined $35 million by the state.
Both Kozlowski and Swartz briefly addressed the judge before the sentencing. Kozlowski said he recognized he would be punished but asked the judge to "please be as lenient as possible."
Earlier, Kozlowski attorney Stephen Kaufman said to the judge about his client that "he is a good man. He is a decent person. His reputation has been tarnished, but his life should not be destroyed."
'STAGGERING'
Prosecutors had asked for the maximum sentence for both men. Prosecutor Owen Heimer told the judge that Kozlowski committed larceny and fraud on an "unprecedented, staggering scale." He said the jury verdict showed that Kozlowski perjured himself when he took the stand in his own defense.
"The defendant absolutely refuses to take any responsibility for his actions," Heimer said.
Kaufman asked the judge to impose a fair sentence and consider his client's charitable works in areas such as education and health care, seeking to counter prosecutors' contention that Kozlowski only gave to causes that furthered his self interests.
Both Kozlowski and Swartz were handcuffed and remanded to the New York state prison system following the sentencing. Defendants are usually taken to Riker's Island to await transfer within several weeks to a permanent state facility.
... more at linked article
You can be a friend of George W., a friend of William Jefferson, or a friend of just about anyone, but eventually, if you made your money by ripping off others, you will be nailed for it, and you will face the penalties, as the former executives at Tyco are now finding themselves facing.
Ex-Tyco execs get up to 25 yrs
NEW YORK (Reuters) - Dennis Kozlowski and Mark Swartz, former Tyco International Ltd. top executives who were found guilty of stealing more than $150 million from the company, were each sentenced on Monday to up to 25 years in prison.
The sentences, were handed down by Judge Michael Obus, who presided over the pair's grand larceny and conspiracy trial in Manhattan Supreme Court. They were sentenced to between 8 1/3 years and 25 years.
Former Chief Executive Kozlowski, 58, and Chief Financial Officer Swartz, 45, were each found guilty in June of 22 counts of grand larceny, conspiracy, fraud and falsifying business records. They have vowed to appeal the verdicts.
The two were ordered on Monday to pay restitution to the company of around $134 million. Kozlowski was also fined $70 million and Swartz was fined $35 million by the state.
Both Kozlowski and Swartz briefly addressed the judge before the sentencing. Kozlowski said he recognized he would be punished but asked the judge to "please be as lenient as possible."
Earlier, Kozlowski attorney Stephen Kaufman said to the judge about his client that "he is a good man. He is a decent person. His reputation has been tarnished, but his life should not be destroyed."
'STAGGERING'
Prosecutors had asked for the maximum sentence for both men. Prosecutor Owen Heimer told the judge that Kozlowski committed larceny and fraud on an "unprecedented, staggering scale." He said the jury verdict showed that Kozlowski perjured himself when he took the stand in his own defense.
"The defendant absolutely refuses to take any responsibility for his actions," Heimer said.
Kaufman asked the judge to impose a fair sentence and consider his client's charitable works in areas such as education and health care, seeking to counter prosecutors' contention that Kozlowski only gave to causes that furthered his self interests.
Both Kozlowski and Swartz were handcuffed and remanded to the New York state prison system following the sentencing. Defendants are usually taken to Riker's Island to await transfer within several weeks to a permanent state facility.
... more at linked article