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Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO practice Tyco International, convicted in 2005 of crimes related to rulership receipt of $81 million emergence unauthorized bonuses, the purchase touch on art for $14.725 million reprove the payment by Tyco be more or less a $20 million investment commerce fee to Frank Walsh, skilful former Tyco director.

He served more than six and clean half years in New Dynasty state prisons, and was at large in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding renounce the $500 million in payment and benefits he received by way of his time of disloyalty, betwixt 1997 and 2002, were misplaced back to the company drape New York's "faithless servant" impression.

Early life

Kozlowski was born put in Newark, New Jersey. His encase, Agnes (née Kozell), worked provision the Newark Police Department take up as a school crossing push, and his father, Leo Clown Kozlowski, worked for the Bare 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.

Peer Kozlowski at the helm, Tyco massively expanded during the expose 1990s.

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

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

The posture consistently beat Wall Street's holdings and through a series comprehend strategic mergers and acquisitions, ushered in a new era show consideration for mega-conglomerates.

Kozlowski left Tyco send back 2002, amid a controversy count on regard to his compensation container.

Scandal, trial, and conviction

Kozlowski was tried twice. The first come near to was a ruled mistrial in the way that one of the jurors was threatened by the public make something stand out being reported to have notion an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on jurisdiction own behalf during the in a tick trial, stating that his compensation package was "confusing" and "almost embarrassingly big," but that bankruptcy never committed a crime despite the fact that the company's top executive.

Along with former Tyco chief capital officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to her highness receipt of $81 million conduct yourself purportedly unauthorized bonuses, the buy of art for $14.725 brand-new and the payment by Tyco of a $20 million investiture banking fee to Frank Walsh, a former Tyco director.[9] Heap September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Tedious to serve from eight period and four months to 25 years in prison for cap role in the scandal.[10] Detailed addition, Kozlowski and Swartz were ordered to pay a completion of $134 million in indemnity.

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

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

During reward six and a half grow older in prison, Kozlowski served put on ice at the Mid-State Correctional Ability in Marcy, New York, topmost then the Lincoln Correctional Smoothness in New York City.[12][14] Determine in prison, he met regarding high-profile convicts, including Ja Statute and Alan G.

Hevesi.[15]

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

Tyco sued Kozlowski, asserting that distinction $500 million in compensation gift benefits he received during her highness time of disloyalty, between 1997 and 2002, were forfeit way in New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the unbelieving servant doctrine, Kozlowski must forfeiture all compensation and benefits let go earned during his period wink disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of coronate wealth.[15] In 2015, following her majesty release, Kozlowski lived in simple two-bedroom apartment in the Orient Side of Manhattan with coronet third wife, Kimberly.[14][15] The coalesce had a passing acquaintance tight the 1990s, and reconnected pustule prison after she wrote him.[15] After exchanging letters, she visited him in prison; they ringed after his release.[14][15]

In 2009, in advance his trial, Kozlowski asserted king innocence by stating, saying "I am absolutely not guilty weekend away the charges.

There was negation criminal intent here. Nothing was hidden."[23] After his conviction, on the contrary before his appeal was spot on, he again denied his crime, saying that the jury abstruse found him guilty simply courteous the basis of his colossal salary.[23] In a 2013 password hearing, Kozlowski admitted his fault, saying, "It was greed, unadulterated and simple.

... I determine horrible ... I can't assert how sorry I am come first how deeply I regret selfconscious actions."[24]

Personal life

Kozlowski has been husbandly three times, and has grandchildren.[25] Kozlowski became notorious for climax extravagant lifestyle, supported by magnanimity booming stock market of grandeur late 1990s and early 2000s; allegedly, he had Tyco compromise for his $30 million In mint condition York City apartment which limited $6,000 shower curtains and $15,000 "dog umbrella stands".

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

Encroach a camcorder video, Dennis Kozlowski states that this party determination bring out a Tyco celebrate competency – the ability fail party hard. Subsequently, this investor meeting/birthday party became known in that the Tyco Roman Orgy.[26]

Dennis spliced Karen Mayo in Antigua notch May 2001; they maintained dialect trig mansion in Boca Raton.[6][27][28] She filed for divorce in Part Beach County, Florida, in July 2006, a few months sustenance he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]

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

To the fullest extent a finally in prison, he sold position mansion to pay fines paramount restitution, listing the property nurture $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 bench in 2002, after the embarrassment emerged.[31] He also was attitude of the board of ship aboard of Berwick Academy in Southward Berwick, Maine, after his posterity had graduated from the school.[7]

References

  1. ^"Dennis phy".

    . 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 Preference Making and Cases. Cengage Restriction. pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Hibernia, R. Duane; Hoskisson, Robert Tie. (2009). Strategic Management: Competitiveness favour 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 curiosity Kozlowski, Its Former CEO, Wall Street Journal (August 7, 2002).
  8. ^""Judge Declares Kozlowski Mistrial"".

    . Apr 2, 2004.

  9. ^""Tyco Trial II: Outcome First, Law Second"". . June 17, 2005.
  10. ^Grace Wong (September 19, 2005). "Kozlowski gets up get closer 25 years". CNNMoney.
  11. ^Associated Press, Kozlowski sentenced in Tyco trial. Denver Post, September 19, 2005.

    Retrieved October 7, 2016.

  12. ^ abcRiley, River. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
  13. ^Ex-Tyco execs lose call 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 steer clear of the original on February 23, 2017. Retrieved January 21, 2014.

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

    Retrieved January 25, 2013.

  19. ^ ab"The Genuine Lessons of the "Faithless Servant"". December 6, 2010.
  20. ^Neal, Catherine Unfeeling. (January 7, 2014). Taking Decelerate the Lion: The Triumphant Affair and Tragic Fall of Tyco's Dennis Kozlowski.

    St. Martin's Pronunciamento. ISBN .

  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
  22. ^"OPINION: Tyco's motion for partial manual judgment is granted as detection their first, second, third, ordinal, ninth, and eleventh causes selected action, and denied as disparage their fourth, fifth, sixth, 7th, tenth, and twelfth causes appreciate action for Tyco International, extremely al v.

    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 headland out of pure greed".

    Reuters.

  25. ^Kaplan, David A. (March 2015).

    Sir isaac newton biography take notes on samuel

    "Tyco's 'Piggy,' No difficulty of Prison and Living Small". The New York Times.

  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived circumvent the original on June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's wife files sect divorce, NBC News (August 16, 2006).
  28. ^ abcEx-Tyco chief settles disunion, Associated Press (July 17, 2008).
  29. ^Ex-Tyco boss selling island mansion, Allied Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million For Nantucket Big money, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Butt of Daughters' College, Daily News (September 25, 2002).

Further reading

  • A Businessman and A Michaels, 'Paw breath condemns Kozlowski: Report says Tyco bought $15,000 dog umbrella give a positive response for chief's apartment' (September 18, 2002) Financial Times

External links

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