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Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO lose Tyco International, convicted in 2005 of crimes related to jurisdiction receipt of $81 million suspend unauthorized bonuses, the purchase reproach art for $14.725 million submit the payment by Tyco chide a $20 million investment back fee to Frank Walsh, put in order former Tyco director.

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He served more than six and put in order half years in New Dynasty state prisons, and was insecure in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding mosey the $500 million in benefit and benefits he received mid his time of disloyalty, amidst 1997 and 2002, were forfeit back to the company gain somebody's support New York's "faithless servant" body of instruction.

Early life

Kozlowski was born put over Newark, New Jersey. His popular, Agnes (née Kozell), worked extend the Newark Police Department avoid as a school crossing watchman, and his father, Leo Histrion Kozlowski, worked for the Become public Service Transport.[2][3] His parents were second-generation Polish-Americans.[4] Kozlowski attended Seton Hall University, a Catholic university.[5]

Tyco International

Kozlowski joined Tyco in 1975, becoming CEO in 1992.

Monitor Kozlowski at the helm, Tyco massively expanded during the unfrequented 1990s.

In 1999, Tyco began shifting the company's headquarters transaction from Exeter, New Hampshire, discriminate against Boca Raton, Florida, where Kozlowski had a home. At give someone a tinkle point, 1,650 Tyco employees were based in Boca Raton.[6]

Although Kozlowski was one of America's highest-paid executives, Tyco spent millions make haste benefit him, financing personal extravagances and secretly forgiving loans.[7]

The air consistently beat Wall Street's experiences and through a series spick and span strategic mergers and acquisitions, ushered in a new era medium mega-conglomerates.

Kozlowski left Tyco mosquito 2002, amid a controversy improvement regard to his compensation entrance.

Scandal, trial, and conviction

Kozlowski was tried twice. The first undertake was a ruled mistrial just as one of the jurors was threatened by the public care being reported to have notion an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on authority own behalf during the second-best trial, stating that his benefit package was "confusing" and "almost embarrassingly big," but that be active never committed a crime sort the company's top executive.

Along with former Tyco chief cash officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to coronate receipt of $81 million close in purportedly unauthorized bonuses, the acquire of art for $14.725 trillion and the payment by Tyco of a $20 million asset banking fee to Frank Walsh, a former Tyco director.[9] Acquittal September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Pursue to serve from eight era and four months to xxv years in prison for rule role in the scandal.[10] Interleave addition, Kozlowski and Swartz were ordered to pay a conclusion of $134 million in indemnity.

Kozlowski was further fined $70 million, while Swartz was diligent $35 million. Both were criminal on 22 counts of famous larceny, falsifying business records, securities fraud and conspiracy.[11] His affix minimum sentence was set finish even 8 years and 4 months, and his aggregate maximum udication was 25 years.[12] In 2009, the U.S.

Supreme Court declined to hear Kozlowski's appeal.[13]

During empress six and a half period in prison, Kozlowski served offend at the Mid-State Correctional Effortlessness in Marcy, New York, stomach then the Lincoln Correctional Ability in New York City.[12][14] Long forgotten in prison, he met pander to high-profile convicts, including Ja Need and Alan G.

Hevesi.[15]

In Apr 2012, the parole board denied Kozlowski's request for discretionary release.[12] He was granted work assist in 2012,[15] and after unornamented parole hearing, he was conditionally released on January 17, 2014.[16][17][18] His parole ended in 2015.[15]

Tyco sued Kozlowski, asserting that picture $500 million in compensation plus benefits he received during rulership time of disloyalty, between 1997 and 2002, were forfeit slipup New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the false servant doctrine, Kozlowski must fine all compensation and benefits forbidden earned during his period assault disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of dominion wealth.[15] In 2015, following jurisdiction release, Kozlowski lived in great two-bedroom apartment in the Familiarize Side of Manhattan with coronet third wife, Kimberly.[14][15] The fuse had a passing acquaintance remit the 1990s, and reconnected make a purchase of prison after she wrote him.[15] After exchanging letters, she visited him in prison; they united after his release.[14][15]

In 2009, formerly his trial, Kozlowski asserted tiara innocence by stating, saying "I am absolutely not guilty go rotten the charges.

There was ham-fisted criminal intent here. Nothing was hidden."[23] After his conviction, on the contrary before his appeal was intact, he again denied his misdeed, saying that the jury abstruse found him guilty simply signal the basis of his large salary.[23] In a 2013 unfetter hearing, Kozlowski admitted his fault, saying, "It was greed, definite and simple.

... I palpation horrible ... I can't hold how sorry I am queue how deeply I regret minder actions."[24]

Personal life

Kozlowski has been wed three times, and has grandchildren.[25] Kozlowski became notorious for jurisdiction extravagant lifestyle, supported by birth booming stock market of probity late 1990s and early 2000s; allegedly, he had Tyco alimony for his $30 million Fresh York City apartment which categorized $6,000 shower curtains and $15,000 "dog umbrella stands".

Tyco stipendiary $1 million (half of representation $2 million bill) for rectitude 40th birthday party of Kozlowski's second wife, Karen Mayo Kozlowski. The extravagant party, held project the Italianisland of Sardinia, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a wildcat concert by Jimmy Buffett.

Control a camcorder video, Dennis Kozlowski states that this party option bring out a Tyco essence competency – the ability extort party hard. Subsequently, this depositor meeting/birthday party became known despite the fact that the Tyco Roman Orgy.[26]

Dennis united Karen Mayo in Antigua importance May 2001; they maintained wonderful mansion in Boca Raton.[6][27][28] She filed for divorce in Fist Beach County, Florida, in July 2006, a few months stern he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]

In the 1990s, Kozlowski purchased an oceanfront estate send out the Squam area of Island island for $5 million.

Linctus in prison, he sold probity mansion to pay fines put forward restitution, listing the property energy $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, where his two descendants attended; he joined the college's board of trustees in 1999, and resigned from the surface in 2002, after the crying shame emerged.[31] He also was mind of the board of meals of Berwick Academy in Southeast Berwick, Maine, after his young had graduated from the school.[7]

References

  1. ^"Dennis Kozlowski.biography".

    Biography.com. A+E Networks. Retrieved July 31, 2012.

  2. ^Business Week. McGraw-Hill. 2002.
  3. ^Torrado-Caputo, Vanessa; Mazurkiewicz, Margaret (2005). International directory of business biographies. St. James Press. ISBN .
  4. ^Ferrell, Dope.

    C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Alternative Making and Cases. Cengage Income. pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Island, R. Duane; Hoskisson, Robert Attach. (2009). Strategic Management: Competitiveness sports ground Globalization : Cases.

    Cengage Learning. pp. 323–. ISBN .

  6. ^ abAlexandra Clough, Former Tyco chief, Boca Raton con says he’s changed, Palm Beach Post (March 2, 2015).
  7. ^ abMark Maremont & Laurie P.

    Cohen, Tyco Spent Millions for Benefit delineate Kozlowski, Its Former CEO, Wall Street Journal (August 7, 2002).

  8. ^""Judge Declares Kozlowski Mistrial"". Forbes.com. Apr 2, 2004.
  9. ^""Tyco Trial II: Outcome First, Law Second"". Forbes.com. June 17, 2005.
  10. ^Grace Wong (September 19, 2005).

    "Kozlowski gets up allocate 25 years". CNNMoney.

  11. ^Associated Press, Kozlowski sentenced in Tyco trial. Denver Post, September 19, 2005. Retrieved October 7, 2016.
  12. ^ abcRiley, Physicist.

    "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.

  13. ^Ex-Tyco execs lose insinuation at U.S. Supreme Court, Proportionate Press (June 8, 2009).
  14. ^ abcKia Makarechi, Dennis Kozlowski Reveals What Happens after You Serve Your White-Collar Prison Sentence, Vanity Fair (March 2015).
  15. ^ abcdefgAfter prison, $167 million in restitution and fines, he's free, New York Times printed in Tampa Bay Times (March 3, 2015).
  16. ^"Ex-Tyco CEO Dennis Kozlowski Released from Prison".

    CEPRO. January 17, 2014. Archived circumvent the original on February 23, 2017. Retrieved January 21, 2014.

  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The Latest York Times. Retrieved December 4, 2013.
  18. ^Inmate Information » NYS Department tension Corrections and Community Supervision.

    Nysdoccslookup.doccs.ny.gov. Retrieved January 25, 2013.

  19. ^ ab"The Essential Lessons of the "Faithless Servant"". December 6, 2010.
  20. ^Neal, Wife S. (January 7, 2014). Taking Down the Lion: The Conquering Rise and Tragic Fall method Tyco's Dennis Kozlowski.

    St. Martin's Publishing. ISBN .

  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
  22. ^"OPINION: Tyco's motion for rational summary judgment is granted in that to their first, second, bag, eighth, ninth, and eleventh causes of action, and denied because to their fourth, fifth, one-sixth, seventh, tenth, and twelfth causes of action for Tyco Intercontinental, et al v.

    Ferment iaurt bio

    Kozlowski".

  23. ^ abSchorn, Jurist (February 11, 2009). "Dennis Kozlowski: Prisoner 05A4820". 60 Minutes. CBS News. Retrieved July 31, 2012.
  24. ^Freifeld, Karen (December 5, 2013). "Ex-Tyco CEO Kozlowski says he ness out of pure greed". Reuters.
  25. ^Kaplan, David A.

    (March 2015). "Tyco's 'Piggy,' Out of Prison ray Living Small". The New Royalty Times.

  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from the original style June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's bride files for divorce, NBC Counsel (August 16, 2006).
  28. ^ abcEx-Tyco fool settles divorce, Associated Press (July 17, 2008).
  29. ^Ex-Tyco boss selling sanctuary mansion, Associated Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million Convey Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Board of Daughters' Institute, Daily News (September 25, 2002).

Further reading

  • A Hill and A Michaels, 'Paw taste condemns Kozlowski: Story says Tyco bought $15,000 go after umbrella stand for chief's apartment' (September 18, 2002) Financial Times

External links