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Tyco Exec Dennis Kozlowski Convicted

By Jeralyn, Section Crime in the News
Posted on Fri Jun 17, 2005 at 12:34:17 PM EST
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After 11 days of deliberations, Former Tyco chief Dennis Kozlowski was convicted today at his retrial on fraud charges:

Former Tyco CEO Dennis Kozlowski and a second executive were convicted Friday of looting their company of more than $600 million to fund extravagant lifestyles featuring expensive jewelry, an opulent Manhattan apartment and a gaudy Mediterranean birthday party.

Update: Forbes has this analysis, and asks whether a crime really was committed?

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    Tyco Exec Dennis Kozlowski Convicted | 9 comments (9 topical)
    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#1)
    by ppjakajim on Sat Dec 17, 2005 at 01:00:10 PM EST
    Outstanding.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#2)
    by DawesFred60 on Sat Dec 17, 2005 at 01:00:10 PM EST
    It's nothing, i want this guy's head on a pole, that would be justice, do any of you really understand what he did to the workers?..his hands need to be cut off, his kids need to be imprisoned. we must do the right thing, so where is he now? having dinner with bush?..you do know what parts i would cut off of bush right?

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#3)
    by Patrick on Sat Dec 17, 2005 at 01:00:10 PM EST
    Fred the islamofacist.... Careful, this eye for an eye type stuff may make people think you're a fundamental christian.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#4)
    by Talkleft Visitor on Sat Dec 17, 2005 at 01:00:10 PM EST
    Notice the anger directed to Bush and corporate criminals. If he were a jihadist head sawer or serial killer, there would be songs lamenting his fate here.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#5)
    by DawesFred60 on Sat Dec 17, 2005 at 01:00:10 PM EST
    The sad thing about this is, this guy will pay out some money and that will be that, he may get 6 months in some nice government cell, but in the end he will come out to a bank book of 200 million and we may get a movie out of this, and 20 books and some talk-shows, and made for TV, Movie on HBO...Oh well wish i could do that.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#6)
    by Talkleft Visitor on Sat Dec 17, 2005 at 01:00:10 PM EST
    Fred, It is highly unlikely the guy (or guys actually) will get away with just paying some money. As for some nice government cell, NY State prison is where Kozlowski and Schwartz are most likely headed. And there are no nice prisons in NY State. DB

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#7)
    by aw on Sat Dec 17, 2005 at 01:00:11 PM EST
    Despite the questions in Forbes, it looks like they are getting the benefit of ordinary people's justice: they must have been guilty of something.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#8)
    by kdog on Sat Dec 17, 2005 at 01:00:13 PM EST
    Interesting that Dennyboy was allowed to leave the court room after the verdict on bail. I'm no lawyer, but isn't it the norm to go to prison to await sentencing? The charges do carry mandatory jail time. Even in guilt, different rules for different net worths.

    Re: Tyco Exec Dennis Kozlowski Convicted (none / 0) (#9)
    by Richard Aubrey on Sat Dec 17, 2005 at 01:00:13 PM EST
    How do you "loot" a company you own? Seems to me that the crime would have to have been in how the money was taken, especially in connection to tax issues and accounting principles. Caught a radio report saying that Tyco is doing okay, stock up to about 30 from a low of 8, but not at its high of 60. Some of the businesses are moving right along. This is not Enron, apparently. Mass Mutual has a similar situation where the top guy fiddled the compensation arrangements, cheating on ghost trading--which is beyond me--and some other things. He took more, in other words, than the board had contemplated he would get. Not a crime, so far.

    Tyco Exec Dennis Kozlowski Convicted | 9 comments (9 topical)