Tyco's former CEO, Dennis Kozlowski and the firm's former chief financial officer, Mark Swartz were on Monday sentenced to maximum prison terms of 25 years for their theft of unauthorized loans and bonuses from the company.
The two were found guilty in June on 22 of 23 counts, including grand larceny, conspiracy, securities fraud and falsifying business records, and were said to have received more than $150 million in unauthorized loans and bonuses from Bermuda-based Tyco.
The New York state jury took 11 days to bring in guilty verdicts against Kozlowski, 58, and Swartz, 44. Jurors said afterwards that they had looked hard for evidence to support the defendants' claims that their remuneration was authorized, but "it simply wasn't there".
Observing that "the heart of the case is basic larceny", Manhattan Supreme Court Justice Michael Obus also ordered Kozlowski to pay $97 million in restitution and $70 million in fines, and Swartz to pay $37 million in restitution to Tyco and $35 million in fines.
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