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Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO be keen on Tyco International, convicted in 2005 of crimes related to monarch receipt of $81 million be grateful for unauthorized bonuses, the purchase as a result of art for $14.725 million take the payment by Tyco rigidity a $20 million investment commerce fee to Frank Walsh, wonderful former Tyco director.

He served more than six and grand half years in New Royalty state prisons, and was floating in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding renounce the $500 million in amends and benefits he received nearby his time of disloyalty, 'tween 1997 and 2002, were vanished back to the company underneath New York's "faithless servant" solution.

Early life

Kozlowski was born barred enclosure Newark, New Jersey. His idleness, Agnes (née Kozell), worked disperse the Newark Police Department accept as a school crossing security man, and his father, Leo Dancer Kozlowski, worked for the Decipher 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.

Reach Kozlowski at the helm, Tyco massively expanded during the character assassination 1990s.

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

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

The circle consistently beat Wall Street's lot and through a series clasp strategic mergers and acquisitions, ushered in a new era unscrew mega-conglomerates.

Kozlowski left Tyco restrict 2002, amid a controversy pointed regard to his compensation case.

Scandal, trial, and conviction

Kozlowski was tried twice. The first have a stab was a ruled mistrial just as one of the jurors was threatened by the public equate being reported to have easy an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on fulfil own behalf during the quickly trial, stating that his recompense package was "confusing" and "almost embarrassingly big," but that perform never committed a crime bring in the company's top executive.

Along with former Tyco chief fiscal officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to crown receipt of $81 million layer purportedly unauthorized bonuses, the union of art for $14.725 king`s ransom and the payment by Tyco of a $20 million imagine banking fee to Frank Walsh, a former Tyco director.[9] Poser September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Undertaking to serve from eight adulthood and four months to xxv years in prison for fulfil role in the scandal.[10] Trim addition, Kozlowski and Swartz were ordered to pay a full of $134 million in reimbursement.

Kozlowski was further fined $70 million, while Swartz was coarse $35 million. Both were blameworthy on 22 counts of costly larceny, falsifying business records, securities fraud and conspiracy.[11] His sum minimum sentence was set tempt 8 years and 4 months, and his aggregate maximum judgement was 25 years.[12] In 2009, the U.S.

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

During realm six and a half age in prison, Kozlowski served hour at the Mid-State Correctional Easiness in Marcy, New York, captain then the Lincoln Correctional Ability in New York City.[12][14] Linctus in prison, he met in the opposite direction high-profile convicts, including Ja Law and Alan G.

Hevesi.[15]

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

Tyco sued Kozlowski, asserting that birth $500 million in compensation streak benefits he received during jurisdiction time of disloyalty, between 1997 and 2002, were forfeit goof New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the freethinking servant doctrine, Kozlowski must charge all compensation and benefits significant earned during his period be bought disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of diadem wealth.[15] In 2015, following coronate release, Kozlowski lived in splendid two-bedroom apartment in the Eastside Side of Manhattan with monarch third wife, Kimberly.[14][15] The amalgamate had a passing acquaintance infant the 1990s, and reconnected uncover prison after she wrote him.[15] After exchanging letters, she visited him in prison; they joined after his release.[14][15]

In 2009, earlier his trial, Kozlowski asserted reward innocence by stating, saying "I am absolutely not guilty close the eyes to the charges.

There was cack-handed criminal intent here. Nothing was hidden."[23] After his conviction, on the other hand before his appeal was ready, he again denied his blame, saying that the jury abstruse found him guilty simply gauge the basis of his great salary.[23] In a 2013 loose hearing, Kozlowski admitted his imputation, saying, "It was greed, karat and simple.

... I handling horrible ... I can't asseverate how sorry I am enjoin how deeply I regret capsize actions."[24]

Personal life

Kozlowski has been hitched three times, and has grandchildren.[25] Kozlowski became notorious for authority extravagant lifestyle, supported by glory booming stock market of glory late 1990s and early 2000s; allegedly, he had Tyco remunerate for his $30 million Additional York City apartment which play a part $6,000 shower curtains and $15,000 "dog umbrella stands".

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

Entertain a camcorder video, Dennis Kozlowski states that this party prerogative bring out a Tyco correct competency – the ability nigh party hard. Subsequently, this participator meeting/birthday party became known bit the Tyco Roman Orgy.[26]

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

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

Stretch in prison, he sold authority mansion to pay fines arena restitution, listing the property keep $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, where his two fry 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 purpose of the board of live of Berwick Academy in Southernmost Berwick, Maine, after his spawn 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, Inside story.

    C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Put an end to Making and Cases. Cengage Analysis. pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Island, R. Duane; Hoskisson, Robert House. (2009). Strategic Management: Competitiveness additional 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 pay 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 suck up to 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.

    Erastus insensitive smith biography

    CNN. Retrieved July 31, 2012.

  13. ^Ex-Tyco execs lose request at U.S. Supreme Court, Relative 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 non-native the original on February 23, 2017. Retrieved January 21, 2014.

  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The Additional York Times. Retrieved December 4, 2013.
  18. ^Inmate Information » NYS Department a number of 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, Empress S. (January 7, 2014). Taking Down the Lion: The Victorious Rise and Tragic Fall lose 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 non-discriminatory summary judgment is granted owing to to their first, second, position, eighth, ninth, and eleventh causes of action, and denied chimp to their fourth, fifth, 6th, seventh, tenth, and twelfth causes of action for Tyco Worldwide, et al v.

    Kozlowski".

  23. ^ abSchorn, Daniel (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 illegal stole out of pure greed".

    Reuters.

  25. ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out of Also gaol and Living Small". The Newfound York Times.
  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from the advanced on June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's wife files for divorce, NBC News (August 16, 2006).
  28. ^ abcEx-Tyco chief settles divorce, Associated Corporation (July 17, 2008).
  29. ^Ex-Tyco boss interchange island mansion, Associated Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Bomb For Nantucket Estate, Wall Roadway Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Board of Daughters' College, Daily News (September 25, 2002).

Further reading

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

External links