Word: kozlowski
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...white-collar criminals due for a sympathy vote? Everyone expected the punishment to be harsh when L. Dennis Kozlowski, the former CEO of Tyco International, and former Tyco finance chief Mark Swartz were sentenced Monday, and indeed it was: up to up to 25 years in prison. But now defense lawyers and, increasingly, many others are wondering if white-collar criminals are being treated too harshly. Some violent crimes, including rape and manslaughter, can result in less than 20 years in jail...
...Kozlowski and Swartz aren?t exactly sympathetic figures. They were found guilty of looting their company of hundreds of millions of dollars. Before Monday's sentencing, Assistant District Attorney Owen Heimer told the court that Kozlowski "should not be shown any leniency. He stole. He committed fraud. He committed perjury. He engaged in a shocking spree of self-indulgence...
...injuries that Kozlowski and Swartz inflicted were purely financial, and nowhere near the magnitude as the frauds at WorldCom and Enron?companies that collapsed and wiped out shareholders and many employees? 401(k) accounts. "Tyco is not Enron," Thomas Curran, a former New York City prosecutor who is now a defense lawyer, told the Associated Press. "Tyco is a real company with a real business plan that still employs thousands of people. ... There are no retirees eating cat food because of Dennis Kozlowski...
CONVICTED. DENNIS KOZLOWSKI, 58, former CEO of Tyco International, and MARK SWARTZ, 44, the company's longtime chief financial officer; of stealing more than $500 million in cash and stock sales from the global manufacturing behemoth they built; after a four-month second trial (the first was declared a mistrial last year); in New York City. The jury found both men guilty of charges that include grand larceny, securities fraud and falsifying business records. Each faces up to 30 years in prison...
...rest of his life in prison. That's a bad omen for four other prominent execs facing criminal charges: Richard Scrushy, the former chief of HealthSouth being tried for fraud in Alabama; the top two Enron guys, Kenneth Lay and Jeffrey Skilling, scheduled for trials next year; and Dennis Kozlowski, accused of looting Tyco and being retried following a mistrial last year...