NEW YORK, June 17 (UPI) -- A New York jury Friday convicted the former head of Tyco International Ltd. of organizing a looting spree that drained a fortune from the company.
L. Dennis Kozlowski, Tyco's former chief executive, and Mark H. Swartz, Tyco's former top finance officer, were found guilty on 22 of 23 counts, including grand larceny, conspiracy, securities fraud and falsifying business records.
The pair now face as many as 25 years in New York prisons, though they are expected to receive shorter prison sentences, the Wall Street Journal said.
A lawyer for Kozolowski said his client planned an appeal.
Kozlowski helped build Tyco into a company with more than $36 billion in annual revenue, and became one of the highest-paid corporate executives in history.
But prosecutors convinced a jury that he stole millions more with "bonuses" that weren't approved by the company's board.
At one point, he and Swartz secretly wiped a total of $37.5 million from loans they owed Tyco, and later claimed they didn't notice when the huge payment didn't show up on their tax forms, prosecutors said.
The trial was the government's second attempt to convict the pair; an earlier trial ended in a hung jury.
