In the latest trial of high-profile white-collar executives, former Tyco International Ltd. executives L. Dennis Kozlowski and Mark H. Swartz were convicted on charges that they stole more than $150 million from the company by giving themselves huge bonuses, improperly using company loan programs, and reaping a combined $405 million by inflating the company's stock price, according to published reports.
After 11 days of deliberations, the jury found Kozlowski, Tyco's former chief executive, and Swartz, its former chief financial officer, guilty of grand larceny, conspiracy, securities fraud and eight counts of falsifying business records, Dow Jones Newswires reported.
Both executives were also convicted of one count of grand larceny -- Kozlowski's was related to his purchase of artwork with company funds, while Swartz's was related to a deposit he put down on a set of luxury hotels and was later reimbursed for by Tyco, according to the report. Both men were acquitted on one count of falsifying business records related to the company's Florida relocation program.
They each face up to 15 years to 30 years in prison, DJ said.
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