Dennis Kozlowski, Jailed Former Tyco Exec, Denied New Parole Hearing

Wednesday, 03 Jul 2013 06:45 PM

By Ken Mandel

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Disgraced former executive Dennis Kozlowski, in prison for stealing more than $100 million from Tyco International Ltd., has been denied a new parole hearing by a New York state appeals court.

Kozlowski, 66, was denied parole in April 2012 and challenged the ruling. A panel of five Appellate Division justices on Tuesday upheld the original ruling, the New Hampshire Union Leader reported.

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Kozlowski and his former chief financial officer Mark Swartz, 52, were convicted in 2005 of securities fraud, grand larceny, and other charges, and were sentenced to 8 1/3 to 25 years in jail. They are serving the sentence at the minimum security Lincoln Correctional Facility in Harlem, with parole hearings scheduled for September.

The trial revealed the depths of Kozlowski's greed from his embezzling scheme. He bought numerous luxury items, including a $6,000 gold-threaded shower curtain and a $15,000 umbrella stand shaped like a small terrier, and famously spent $2 million on a birthday party for his wife on the Mediterranean island of Sardinia.

At the time of his April 2012 denial of parole, the board said releasing Kozlowski early would "deprecate the seriousness" of his crimes and "undermine respect for the law," The Associated Press reports. But in February, Manhattan Supreme Court Justice Carol Huff threw out that determination and ordered a new hearing.

In Tuesday's two-paragraph explanation, the appeals court said the parole board "adequately set forth its reasons for the denial," the Union Leader reported.

One of Kozlowski's lawyers, Alan Lewis, said in a statement reported by the AP: "We respectfully, but strongly, disagree with the appellate division's decision and instead think that the lower court was entirely correct about the flaws in the Parole Board's decision."

Kozlowski admitted his crimes at his 2012 hearing.

"I stole money from Tyco, and I stole a lot of money, and ... I'm very sorry I did that," he said, according to The Associated Press.

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Related stories:

IRS Disallows $2.86 Billion in Tyco Tax Deductions

From Prison Cell, Ex-CFO Sues Tyco for $60 Million

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