Two former senior executives at toy firm Tyco found guilty of stealing more than $150 million have been sentenced to up to 25 years in prison by a US court.
The sentences were handed down today by Judge Michael Obus, who presided over the trial of Dennis Kozlowski and Mark Swartz on grand larceny and conspiracy charges in Manhattan Supreme Court.
Former chief executive Kozlowski (58) and chief financial officer Swartz (44) were each found guilty in June of 22 counts of grand larceny, conspiracy, fraud and falsifying business records and today sentenced to between 8 and 25 years.
The two were ordered to pay restitution to the company of around $134 million. Kozlowski was also fined $70 million and Swartz was fined $35 million.
Both men briefly addressed the judge before the sentencing and have vowed to appeal the verdicts.
Kozlowski said he recognised he would be punished but asked the judge to "please be as lenient as possible". Earlier, his attorney Stephen Kaufman told the judge his client "is a good man ... His reputation has been tarnished, but his life should not be destroyed".
Prosecutors had asked for the maximum sentence for both men. Prosecutor Owen Heimer told the judge that Kozlowski committed larceny and fraud on an "unprecedented, staggering scale."
Besides accusations of stealing more than $150 million in secretly forgiven loans and undeserved bonuses, Kozlowski and Swartz also were accused of defrauding investors by selling $575 million in Tyco stock while misrepresenting the company's finances.