Prosecutor Opposes Trial Delay for Former Tyco Executives
Former Tyco Int’l CEO Dennis Kozlowski and former CFO Mark Swartz are spending $500,000 a month on living expenses, a New York prosecutor told a judge in opposing Swartz’s bid to delay their trial on fraud charges.
Swartz and Kozlowski, accused of looting $600 million from Tyco, want their trial, scheduled for Sept. 29 in Manhattan, put off until November.
Prosecutors have frozen $600 million in assets of Swartz and Kozlowski, contending they are the proceeds of fraud.
Most of the $500,000 the two men are spending each month is for upkeep of their homes.
Kozlowski and Swartz were indicted in September 2002 on multiple charges of enterprise corruption, grand larceny, conspiracy, falsifying business records and violating state securities laws, as part of a scheme to steal $170 million from Tyco and obtain $430 million through stock fraud.
They face up to 30 years in prison if they are convicted.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!