Former Tyco Executives Receive Prison Time and Fines
By Danielle Briones
Published on September 22, 2005
L. Dennis Kozlowski and Mark Swartz were found guilty on 22 counts of securities fraud, falsifying business records, grand larceny and conspiracy.
Prosecutors alleged the men had swindled hundreds of millions of dollars out of the company after approving illegal bonuses, forgiving loans for themselves, and manipulating the price of the company's stock.
Prosecutors also revealed the lavish lifestyle led by the Tyco execs, which included multi-million dollar parties, homes, and other extravagances.
Kozlowski and Swartz both deny all charges against them, and say they have never taken anything from the company.
They will be eligible for parole after about eight years.
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