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17 Oct 2008
The former chief financial officer of Tyco International, Mark Swartz, has failed in an attempt to overturn his conviction for grand larceny and fraud.
Swartz was sentenced to eight-and-a-half to 25 years in prison in 2005 alongside Dennis Kozlowski, the former chief executive officer of the security systems to syringes conglomerate.
The New York State Court of Appeals has upheld their criminal convictions CFO.com said, citing a Reuters report.
In a written decision, the court rejected the former executives' arguments that their trials were flawed and that the convictions should be overturned.
In 2005, a jury found Kozlowski and Swartz guilty of 12 counts of grand larceny, fraud, and other charges. They were accused of stealing more than $150 million from the company.
The former Tyco chief executive has even blamed regulators for imposing mark-to-market accounting back in the 90s.
"Now we must pay the price," Kozlowski said in a letter to the Fox Business Network. "I hope I don't sound holier than thou. At one time I enjoyed the good things in life as much as anyone else. But the way it was done since I left business in 2002 is honestly frightening to me."
Read the full story: http://www.cfo.com/article.cfm/12446618/?f=rsspage
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