September 19, 2005
Tyco executives to be sentenced today
The latest chapter in the saga of modern white collar sentencing will play out today in a New York state court when former Tyco International CEO Dennis Kozlowski and CFO Mark Swartz are sentenced following their conviction on various fraud charges. This AP story and this recent post provides background, and the folks over at White Collar Crime Prof Blog have some thoughtful recent commentary here and here.
Anyone want to suggest what the sentence should be or predict what the sentence will be?
UPDATE: This AP report says that prosecutors have "urged a state judge Monday to sentence former Tyco International CEO L. Dennis Kozlowski to the maximum 15 to 30 years in prison." If such a sentence was imposed, Kozlowski would still be eligible for parole in 12.5 years.
ANOTHER UPDATE: As detailed in this CNN report, Kozlowski and Swartz were sentenced to 8-1/3 to 25 years in prison. In addition, "Kozlowski and Swartz were ordered to pay back $134 million to Tyco while Kozlowski must pay a criminal fine of $70 million and Swartz must pay an extra $35 million." Thanks to the commentors for first putting this info in the comments while I got a bite to eat.