Former Tyco CEO Dennis Kozlowski will not be finding any $6,000
shower curtains when he arrives at his new home. A New York jury found
Kozlowski guilty on 22 counts of conspiracy, securities fraud, grand
larceny and falsifying records.
The jury also convicted Tyco's one time finance chief, Mark Swartz, of conspiracy, securities fraud, grand larceny and falsifying records. Each of the men was acquitted on a single count of falsifying records – hardly solace considering the lengthy prison terms they now face.
The government had contended that Kozlowski and Schwartz used Company funds to finance lavish lifestyles that included homes, opulent parties, and that infamous $6,000 shower curtain. They join a growing list of former high-profile corporate superstars found guilty of wrongdoing, including Bernie Ebbers of WorldCom and John and Timothy Rigas of Adelphia Communications.
This was the second trial for Kozlowski. The first ended in a mistrial in April 2004 after a juror allegedly received a threatening letter. This time, the jury deliberated for eleven days before returning the guilty Sentencing is scheduled for August 2. The prosecution has indicated it will seek 30 year prison sentences for both defendants.
The jury also convicted Tyco's one time finance chief, Mark Swartz, of conspiracy, securities fraud, grand larceny and falsifying records. Each of the men was acquitted on a single count of falsifying records – hardly solace considering the lengthy prison terms they now face.
The government had contended that Kozlowski and Schwartz used Company funds to finance lavish lifestyles that included homes, opulent parties, and that infamous $6,000 shower curtain. They join a growing list of former high-profile corporate superstars found guilty of wrongdoing, including Bernie Ebbers of WorldCom and John and Timothy Rigas of Adelphia Communications.
This was the second trial for Kozlowski. The first ended in a mistrial in April 2004 after a juror allegedly received a threatening letter. This time, the jury deliberated for eleven days before returning the guilty Sentencing is scheduled for August 2. The prosecution has indicated it will seek 30 year prison sentences for both defendants.
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