Ex-Tyco CEO Kozlowski Has Parole Denied
A state appeals court reversed a lower court decision and denied Tyco International Ltd. and former Chief Executive L. Dennis Kozlowski’s request to be released on parole.
The state’s parole board initially denied his request in April 2012, but a lower court disagreed, the Wall Street Journal has reported.
In 2005, Mr. Kozlowski and former Chief Financial Officer Mark H. Swartz were convicted in New York state court of systematically looting the company, which was then incorporated in Bermuda.
In January 2012, Mr. Kozlowski, who was sentenced to between 8 1/3 and 25 years in prison, was approved for a work-release program that allows him to live in a minimum-security facility and hold a job.
In its decision Tuesday, the First Department of the New York State Supreme Court’s Appellate Division said the state’s parole board was “rational” in turning down his request.
“The record demonstrates that respondent considered the required statutory factors and adequately set forth its reasons for the denial, which include its conclusion that petitioner’s release would ‘tend to deprecate the seriousness of the instant offenses and undermine respect for the law,’ ” the appeals court found.
Former CEO Mr. Kozlowski became notorious for his extravagant lifestyle supported by the booming stock market of the late 1990s and early 2000s.
Mr. Kozlowski — who spent some time in Bermuda when the firm was headquartered here — is alleged to have had Tyco pay for his $30 million New York City apartment which included $6,000 shower curtains and $15,000 “dog umbrella stands.”
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