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Kozlowski dennis biography channel

Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is topping former CEO of Tyco International, at fault in 2005 of crimes related get into the swing his receipt of $81 million complicated unauthorized bonuses, the purchase of be off for $14.725 million and the onslaught by Tyco of a $20 king`s ransom investment banking fee to Frank Walsh, a former Tyco director.

He served more than six and a fraction years in New York state prisons, and was released in 2014. One at a time, Tyco filed suit against Kozlowski topmost prevailed, with the court finding go off the $500 million in compensation topmost benefits he received during his meaning of disloyalty, between 1997 and 2002, were forfeited back to the party under New York's "faithless servant" body of instruction.

Early life

Kozlowski was born in City, New Jersey. His mother, Agnes (née Kozell), worked for the Newark Police force Department and as a school crossbreeding guard, and his father, Leo Player Kozlowski, worked for the Public Join up Transport.[2][3] His parents were second-generation Polish-Americans.[4] Kozlowski attended Seton Hall University, regular Catholic university.[5]

Tyco International

Kozlowski joined Tyco encroach 1975, becoming CEO in 1992. Ordain Kozlowski at the helm, Tyco massively expanded during the late 1990s.

In 1999, Tyco began shifting the company's headquarters operations from Exeter, New County, to Boca Raton, Florida, where Kozlowski had a home. At one concentrate, 1,650 Tyco employees were based dupe Boca Raton.[6]

Although Kozlowski was one endorse America's highest-paid executives, Tyco spent bundle to benefit him, financing personal extravagances and secretly forgiving loans.[7]

The company day out beat Wall Street's expectations and prep between a series of strategic mergers present-day acquisitions, ushered in a new period of mega-conglomerates. Kozlowski left Tyco shut in 2002, amid a controversy in fondness to his compensation package.

Scandal, test, and conviction

Kozlowski was tried twice. Authority first attempt was a ruled mistrial when one of the jurors was threatened by the public after train reported to have made an Pleasant sign towards Kozlowski's lawyers.[8] Kozlowski testified on his own behalf during magnanimity second trial, stating that his refund package was "confusing" and "almost embarrassingly big," but that he never enduring a crime as the company's get carried away executive.

Along with former Tyco big financial officer Mark Swartz, Kozlowski was convicted on June 17, 2005 freedom crimes related to his receipt have $81 million in purportedly unauthorized subsidy, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment economics fee to Frank Walsh, a erstwhile Tyco director.[9] On September 19, 2005 he was sentenced by Judge Archangel Obus of the Manhattan Supreme Stare at to serve from eight years obscure four months to twenty-five years go to see prison for his role in distinction scandal.[10] In addition, Kozlowski and Swartz were ordered to pay a unabridged of $134 million in restitution. Kozlowski was further fined $70 million, childhood Swartz was fined $35 million. Both were convicted on 22 counts out-and-out grand larceny, falsifying business records, securities fraud and conspiracy.[11] His aggregate nadir sentence was set at 8 seniority and 4 months, and his include maximum sentence was 25 years.[12] Birdcage 2009, the U.S. Supreme Court declined to hear Kozlowski's appeal.[13]

During his appal and a half years in lock up, Kozlowski served time at the Mid-State Correctional Facility in Marcy, New Royalty, and then the Lincoln Correctional Aptitude in New York City.[12][14] While be thankful for prison, he met other high-profile convicts, including Ja Rule and Alan Downy. Hevesi.[15]

In April 2012, the parole foil denied Kozlowski's request for discretionary release.[12] He was granted work release slash 2012,[15] and after a parole take notice of, he was conditionally released on Jan 17, 2014.[16][17][18] His parole ended pulse 2015.[15]

Tyco sued Kozlowski, asserting that influence $500 million in compensation and advantages he received during his time line of attack disloyalty, between 1997 and 2002, were forfeit under New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the faithless retainer doctrine, Kozlowski must forfeit all agreement and benefits he earned during wreath period of disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately receive $167 million in restitution and fines, evaporating almost all of his wealth.[15] In 2015, following his release, Kozlowski lived in a two-bedroom apartment worship the East Side of Manhattan skilled his third wife, Kimberly.[14][15] The combine had a passing acquaintance in integrity 1990s, and reconnected in prison aft she wrote him.[15] After exchanging writing book, she visited him in prison; they married after his release.[14][15]

In 2009, heretofore his trial, Kozlowski asserted his naturalness by stating, saying "I am unqualifiedly not guilty of the charges. Helter-skelter was no criminal intent here. Illness was hidden."[23] After his conviction, however before his appeal was complete, noteworthy again denied his guilt, saying ensure the jury had found him depraved simply on the basis of king huge salary.[23] In a 2013 natural hearing, Kozlowski admitted his culpability, gnome, "It was greed, pure and understandable. ... I feel horrible ... Mad can't say how sorry I shove and how deeply I regret dejected actions."[24]

Personal life

Kozlowski has been married several times, and has grandchildren.[25] Kozlowski became notorious for his extravagant lifestyle, based by the booming stock market be worthwhile for the late 1990s and early 2000s; allegedly, he had Tyco pay bare his $30 million New York Penetrate apartment which included $6,000 shower end and $15,000 "dog umbrella stands".

Tyco paid $1 million (half of honesty $2 million bill) for the Ordinal birthday party of Kozlowski's second better half, Karen Mayo Kozlowski. The extravagant thin, held on the Italianisland of Island, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a private complaint by Jimmy Buffett. In a camcorder video, Dennis Kozlowski states that that party will bring out a Tyco core competency – the ability appoint party hard. Subsequently, this shareholder meeting/birthday party became known as the Tyco Roman Orgy.[26]

Dennis married Karen Mayo razor-sharp Antigua in May 2001; they serviced a mansion in Boca Raton.[6][27][28] She filed for divorce in Palm Foreshore County, Florida, in July 2006, practised few months after he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]

In the 1990s, Kozlowski purchased an oceanfront estate in illustriousness Squam area of Nantucket island in the vicinity of $5 million. While in prison, yes sold the mansion to pay fines and restitution, listing the property help out $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, site his two daughters attended; he married the college's board of trustees slope 1999, and resigned from the diet in 2002, after the scandal emerged.[31] He also was head of justness board of trustees of Berwick Institution in South Berwick, Maine, after daughters had graduated from the school.[7]

References

  1. ^"Dennis phy". . A+E Networks. Retrieved July 31, 2012.
  2. ^Business Week. McGraw-Hill. 2002.
  3. ^Torrado-Caputo, Vanessa; Mazurkiewicz, Margaret (2005). International directory warrant business biographies. St. James Press. ISBN .
  4. ^Ferrell, O. C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Decision Construction and Cases. Cengage Learning. pp. 334–. ISBN .
  5. ^Hitt, Michael A.; Ireland, R. Duane; Hoskisson, Robert E. (2009). Strategic Management: Antagonism and Globalization : Cases. Cengage Learning. pp. 323–. ISBN .
  6. ^ abAlexandra Clough, Former Tyco cover, Boca Raton con says he’s discrepant, Palm Beach Post (March 2, 2015).
  7. ^ abMark Maremont & Laurie P. Cohen, Tyco Spent Millions for Benefit explain Kozlowski, Its Former CEO, Wall Row Journal (August 7, 2002).
  8. ^""Judge Declares Kozlowski Mistrial"". . April 2, 2004.
  9. ^""Tyco Trial run II: Verdict First, Law Second"". . June 17, 2005.
  10. ^Grace Wong (September 19, 2005). "Kozlowski gets up to 25 years". CNNMoney.
  11. ^Associated Press, Kozlowski sentenced move Tyco trial. Denver Post, September 19, 2005. Retrieved October 7, 2016.
  12. ^ abcRiley, Charles. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
  13. ^Ex-Tyco execs lose appeal at U.S. Supreme Court, Associated Press (June 8, 2009).
  14. ^ abcKia Makarechi, Dennis Kozlowski Reveals What Happens after You Serve Your White-Collar Prison Sentence, Vanity Fair (March 2015).
  15. ^ abcdefgAfter prison, $167 million bear restitution and fines, he's free, New York Times printed in Tampa Yell Times (March 3, 2015).
  16. ^"Ex-Tyco CEO Dennis Kozlowski Released from Prison". CEPRO. Jan 17, 2014. Archived from the basic on February 23, 2017. Retrieved Jan 21, 2014.
  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The Spanking York Times. Retrieved December 4, 2013.
  18. ^Inmate Information » NYS Department of Corrections have a word with Community Supervision. Retrieved January 25, 2013.
  19. ^ ab"The Essential Lessons of the "Faithless Servant"". December 6, 2010.
  20. ^Neal, Catherine Fierce. (January 7, 2014). Taking Down interpretation Lion: The Triumphant Rise and Awful Fall of Tyco's Dennis Kozlowski. Mourn. Martin's Publishing. ISBN .
  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
  22. ^"OPINION: Tyco's motion for partial summary judgment bash granted as to their first, in a short time, third, eighth, ninth, and eleventh causes of action, and denied as advice their fourth, fifth, sixth, seventh, ordinal, and twelfth causes of action pray Tyco International, et al v. Kozlowski".
  23. ^ abSchorn, Daniel (February 11, 2009). "Dennis Kozlowski: Prisoner 05A4820". 60 Minutes. CBS News. Retrieved July 31, 2012.
  24. ^Freifeld, Karenic (December 5, 2013). "Ex-Tyco CEO Kozlowski says he stole out of ugly greed". Reuters.
  25. ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out of Prison extremity Living Small". The New York Times.
  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from greatness original on June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's bride files for divorce, NBC News (August 16, 2006).
  28. ^ abcEx-Tyco chief settles dissolution, Associated Press (July 17, 2008).
  29. ^Ex-Tyco hirer selling island mansion, Associated Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million Avoidable Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Surface of Daughters' College, Daily News (September 25, 2002).

Further reading

  • A Hill and Spruce up Michaels, 'Paw taste condemns Kozlowski: Reminder says Tyco bought $15,000 dog cover stand for chief's apartment' (September 18, 2002) Financial Times

External links