A state judge Monday sentenced former Tyco International executives L. Dennis Kozlowski and Mark H. Swartz to 8 1/3 to 25 years in prison for looting their company of millions to pay for lavish parties, luxurious homes and extravagances such as the $6,000 shower curtain that hung in Kozlowski’s $31 million Fifth Avenue apartment
In a case that came to symbolize an era of corporate greed, State Supreme Court Judge Michael Obus also ordered Kozlowski and Swartz to pay nearly $240 million in fines and restitution. Kozlowski and Swartz were immediately taken into custody and led from the packed courtroom in handcuffs as family members of both men sobbed.
In June, a jury found former Tyco chief executive Kozlowski, 58, and former chief financial officer Swartz, 45, guilty of criminal counts of grand larceny, conspiracy, securities fraud, and eight of nine counts of falsifying business records.
Obus on Monday imposed the same prison sentence on both men. He ordered Kozlowski to pay a $70 million fine and Swartz to pay a $35 million fine. He ordered both men to pay a combined $134.4 million in restitution of illegal bonuses back to Tyco.