The defence and prosecution legal teams this week presented their closing arguments in the five month trial of former Tyco CEO, Dennis Kozlowski, and former CFO, Mark Swartz.
Kozlowski and Swartz are charged with 32 counts of grand larceny, falsifying business records, and violating state business laws, and are alleged to have received $170 million in unauthorised bonuses and loans, in addition to netting $430 million from the manipulation of Tyco stock prices between 1995 and 2002.
According to an Associated Press report, summing up on Monday, Kozlowski's lawyer, Stephen Kaufman suggested that his client had received such massive renumeration due to his efforts to increase the company's stock prices and standing within the industry, and had received it with the full knowledge of the company's board and auditors.
Swartz's lawyer Charles Stillman, meanwhile, argued that despite the showing of more than 700 exhibits and the questioning of 47 prosecution witnesses, there was "not one thimble full of proof" against his client.
However, in her summation of the prosecution case, Assistant District Attorney Ann Donnelly begged to differ, telling the jury that:
"They're here because they put themselves here...These defendents stole huge amounts of money, with two fists."
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