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Background
In 1975 Kozlowski was just another Jewish accountant at Tyco, who
became Tyco's CEO in 1992 . He used Tyco stock for numerous
acquisitions, and it became a mega conglomerate. Kozlowski was
riding high and turned Tyco into his personal piggy bank.
In 2002, when
accounting irregularities surfaced, the board threw the $100 million
dollar a year Kozlowski, and his side kick Schwartz, out on their
asses.
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The Lifestyle
Kozlowski had a $30 mansion in Florida, a $60 mill yacht,
three other houses, etc. He came a long way from a New Jersey
deli clerk. The final straw for Tyco was the $2 million
debauchourus
party for his wife in Sardinia (video).
The party had a statue urinated
Stolichnaya Vodka, while some of the husbands and
wives indulged in depraved
sexual escapades with the young escorts.
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The Trial
Kozlowski was
convicted on June 17, 2005 on 22 counts of grand larceny
for $150 million in unauthorized bonuses, and of a $400 million fraud against the company shareholders.
On September 19, 2005 he was sentenced by Judge Michael Obus
to serve twenty-five years, with the possibility of parole.
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Threatened Witnesses
Kozlowski has been tried twice. The first attempt was a mistrial
as one of the jurors - who sided with Kozlowski - later claimed that
she was threatened. Kozlowski
testified at his second trial, stating that his pay package was big,
but that he never committed a crime.
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Schwartz, Kozlowski, and Belnick
They were ordered to pay $134 million in restitution. Kozlowski
was also fined $70 million and Swartz half that amount.
Their crimes were stealing $150 million from
the company and cheating shareholders of another $400 million.
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