BusinessPeople In BusinessFormer Tyco CFO faces more time in jail

Former Tyco CFO faces more time in jail

The former chief financial officer of Tyco International, Mark Swartz, has failed in an attempt to overturn his conviction for grand larceny and fraud.

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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