Tyco Con Artists Get 8 1/3-25 Years
L. Dennis Kozlowski, the chief executive whose extravagant spending and pay packages at Tyco International became notorious examples of corporate excess, was sentenced today to 8 1/3 to 25 years in state prison for stealing from his company and deceiving shareholders.
Mark H. Swartz, Tyco’s former chief financial officer, received the same sentence for his role in the fraud.
Judge Michael J. Obus of the State Supreme Court in New York also ordered Mr. Kozlowski to pay $97 million in restitution and $70 million in fines. Mr. Swartz was ordered to pay $37 million in restitution and $35 million in fines.
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