Former Tyco chiefs found Guilty (Reuters)

[Up2Late]

(GUILTY on ALL but 1 Charge!!!!)

Former Tyco chiefs found guilty

Fri Jun 17, 2005 02:51 PM ET

NEW YORK (Reuters) - Former Tyco International Ltd. (TYC.N: Quote, Profile, Research) Chief Executive Dennis Kozlowski and finance chief Mark Swartz were found guilty on Friday of stealing more than $150 million in secretly forgiven loans and unauthorized bonuses from the company. The jury of six women and six men returned their verdict on the 11th day of deliberations. The trial in State Supreme Court in Manhattan lasted more than four months.

This is the second time the two men -- who built Tyco into one of the world's biggest manufacturing conglomerates -- have been tried on allegations they misused company funds. The first case ended in a mistrial last year when a juror reported receiving a telephone call and a threatening letter about the case during deliberations.

Kozlowski, 58, was found guilty of conspiracy, fraud and falsifying business records. The jury found Swartz, 44, guilty of grand larceny, securities fraud and eight of nine counts of falsifying business records.

The verdict was still being read in the court room. Both men faced 25 years in prison on the most serious charge of grand larceny. The verdict is the latest in a string of government prosecutions aimed at convicting corporate chieftains of boardroom wrongdoings.

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