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Convicted former Tyco executives denied bailPosted by Retirement on: 2005-10-04 07:08:03 in category:
Business [ Print | Permalink / 0 Comment(s) ] BY KAREN FREIFELD STAFF WRITER October 4, 2005 Former Tyco chief executive L. Dennis Kozlowski won't be throwing another toga party anytime soon. A New York appeals judge yesterday denied Kozlowski's request for bail while he appeals his convictions for stealing about $150 million from the conglomerate and gaining another $430 million by manipulating the stock price. Appellate Division Judge Angela Mazzarelli also denied bail to former Tyco finance chief Mark Swartz, who was convicted of the same charges, including conspiracy, securities fraud, falsifying business records and a dozen grand larcenies. Kozlowski, 58, and Swartz, 45, were sentenced to 8 1/3 to 25 years on Sept. 19. They were taken into custody immediately but were hoping to be released on bail pending appeal. Kozlowski, who threw a $2.1-million Roman-themed party for his wife in 2001, and Swartz are being held at the Downstate Correctional Facility in Fishkill. They are expected to be moved to maximum-security prisons. "I'm just terribly disappointed in the decision," Swartz's lawyer, Charles Stillman, said after bail was denied. "We will nevertheless press ahead to vindicate Mark." Stillman said he expected Swartz's appeal to take months. Kozlowski's lawyer, Stephen Kaufman, did not return a call for comment. Manhattan District Attorney Robert Morgenthau, citing the Jewish New Year, hesitated yesterday before commenting on the appellate decision. "We don't think it's appropriate to be gloating," he said. "We'd have to repent for that." Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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