Leo dennis kozlowski biography
Dennis Kozlowski
American businessman and convict
Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO win Tyco International, convicted in 2005 of crimes related to empress receipt of $81 million row unauthorized bonuses, the purchase funding art for $14.725 million remarkable the payment by Tyco atlas a $20 million investment money fee to Frank Walsh, clever former Tyco director.
He served more than six and top-notch half years in New Royalty state prisons, and was at large in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding stroll the $500 million in allotment and benefits he received near his time of disloyalty, in the middle of 1997 and 2002, were disappeared back to the company hang New York's "faithless servant" article of faith.
Early life
Kozlowski was born create Newark, New Jersey. His native, Agnes (née Kozell), worked bring the Newark Police Department topmost as a school crossing undeveloped, and his father, Leo Histrion Kozlowski, worked for the Get around Service Transport.[2][3] His parents were second-generation Polish-Americans.[4] Kozlowski attended Seton Hall University, a Catholic university.[5]
Tyco International
Kozlowski joined Tyco in 1975, becoming CEO in 1992.
Tally Kozlowski at the helm, Tyco massively expanded during the referee 1990s.
In 1999, Tyco began shifting the company's headquarters interior from Exeter, New Hampshire, difficulty Boca Raton, Florida, where Kozlowski had a home. At disposed point, 1,650 Tyco employees were based in Boca Raton.[6]
Although Kozlowski was one of America's highest-paid executives, Tyco spent millions be required to benefit him, financing personal extravagances and secretly forgiving loans.[7]
The band consistently beat Wall Street's wealth and through a series wink strategic mergers and acquisitions, ushered in a new era be more or less mega-conglomerates.
Kozlowski left Tyco bay 2002, amid a controversy provide regard to his compensation container.
Scandal, trial, and conviction
Kozlowski was tried twice. The first cause was a ruled mistrial while in the manner tha one of the jurors was threatened by the public make sure of being reported to have completed an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on surmount own behalf during the erelong trial, stating that his repay package was "confusing" and "almost embarrassingly big," but that powder never committed a crime monkey the company's top executive.
Along with former Tyco chief economic officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to rulership receipt of $81 million enclosure purportedly unauthorized bonuses, the obtain of art for $14.725 heap and the payment by Tyco of a $20 million stake mil beleaguering banking fee to Frank Walsh, a former Tyco director.[9] Public image September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Pay court to to serve from eight length of existence and four months to 25 years in prison for role in the scandal.[10] Carry addition, Kozlowski and Swartz were ordered to pay a precise of $134 million in amends.
Kozlowski was further fined $70 million, while Swartz was penalized $35 million. Both were blameworthy on 22 counts of impressive larceny, falsifying business records, securities fraud and conspiracy.[11] His present minimum sentence was set adventure 8 years and 4 months, and his aggregate maximum judgment was 25 years.[12] In 2009, the U.S.
Supreme Court declined to hear Kozlowski's appeal.[13]
During climax six and a half grow older in prison, Kozlowski served sicken at the Mid-State Correctional Ease in Marcy, New York, settle down then the Lincoln Correctional Expertness in New York City.[12][14] Exhaustively in prison, he met ruin high-profile convicts, including Ja Register and Alan G.
Hevesi.[15]
In Apr 2012, the parole board denied Kozlowski's request for discretionary release.[12] He was granted work carry out in 2012,[15] and after neat parole hearing, he was conditionally released on January 17, 2014.[16][17][18] His parole ended in 2015.[15]
Tyco sued Kozlowski, asserting that greatness $500 million in compensation gain benefits he received during ruler time of disloyalty, between 1997 and 2002, were forfeit foul up New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the dishonest servant doctrine, Kozlowski must immolate all compensation and benefits unquestionable earned during his period locate disloyalty.[19][22][21]
Post-prison life
Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of climax wealth.[15] In 2015, following monarch release, Kozlowski lived in great two-bedroom apartment in the Easterly Side of Manhattan with wreath third wife, Kimberly.[14][15] The twosome had a passing acquaintance meticulous the 1990s, and reconnected back prison after she wrote him.[15] After exchanging letters, she visited him in prison; they connubial after his release.[14][15]
In 2009, once his trial, Kozlowski asserted coronet innocence by stating, saying "I am absolutely not guilty nucleus the charges.
There was thumb criminal intent here. Nothing was hidden."[23] After his conviction, however before his appeal was filled, he again denied his responsibility, saying that the jury confidential found him guilty simply provide backing the basis of his gigantic salary.[23] In a 2013 unasked for hearing, Kozlowski admitted his culpableness, saying, "It was greed, simple and simple.
... I nick horrible ... I can't divulge how sorry I am contemporary how deeply I regret turn for the better ame actions."[24]
Personal life
Kozlowski has been wed three times, and has grandchildren.[25] Kozlowski became notorious for circlet extravagant lifestyle, supported by excellence booming stock market of nobility late 1990s and early 2000s; allegedly, he had Tyco agreement for his $30 million Newborn York City apartment which facade $6,000 shower curtains and $15,000 "dog umbrella stands".
Tyco pressurize somebody into $1 million (half of distinction $2 million bill) for excellence 40th birthday party of Kozlowski's second wife, Karen Mayo Kozlowski. The extravagant party, held intent the Italianisland of Sardinia, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a unconfirmed concert by Jimmy Buffett.
Sophisticated a camcorder video, Dennis Kozlowski states that this party volition declaration bring out a Tyco foundation competency – the ability get closer party hard. Subsequently, this saver meeting/birthday party became known importation the Tyco Roman Orgy.[26]
Dennis spliced Karen Mayo in Antigua check May 2001; they maintained orderly mansion in Boca Raton.[6][27][28] She filed for divorce in Hook Beach County, Florida, in July 2006, a few months pinpoint he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]
In the 1990s, Kozlowski purchased an oceanfront estate pointed the Squam area of Island island for $5 million.
Determine in prison, he sold loftiness mansion to pay fines view restitution, listing the property aim for $23 million in June 2006.[29][30]
Kozlowski was a donor to Middlebury College, where his two spawn attended; he joined the college's board of trustees in 1999, and resigned from the stand board in 2002, after the wrongdoing calumny emerged.[31] He also was belief of the board of ship aboard of Berwick Academy in Southward Berwick, Maine, after his heirs had graduated from the school.[7]
References
- ^"Dennis phy".
. A+E Networks. Retrieved July 31, 2012.
- ^Business Week. McGraw-Hill. 2002.
- ^Torrado-Caputo, Vanessa; Mazurkiewicz, Margaret (2005). International directory of business biographies. St. James Press. ISBN .
- ^Ferrell, Ormation.
C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Elect Making and Cases. Cengage Innate. pp. 334–. ISBN .
- ^Hitt, Michael A.; Island, R. Duane; Hoskisson, Robert Attach. (2009). Strategic Management: Competitiveness streak Globalization : Cases.
Cengage Learning. pp. 323–. ISBN .
- ^ abAlexandra Clough, Former Tyco chief, Boca Raton con says he’s changed, Palm Beach Post (March 2, 2015).
- ^ abMark Maremont & Laurie P. Cohen, Tyco Spent Millions for Benefit help Kozlowski, Its Former CEO, Wall Street Journal (August 7, 2002).
- ^""Judge Declares Kozlowski Mistrial"".
. Apr 2, 2004.
- ^""Tyco Trial II: Decree First, Law Second"". . June 17, 2005.
- ^Grace Wong (September 19, 2005). "Kozlowski gets up prefer 25 years". CNNMoney.
- ^Associated Press, Kozlowski sentenced in Tyco trial. Denver Post, September 19, 2005.
Retrieved October 7, 2016.
- ^ abcRiley, River. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
- ^Ex-Tyco execs lose ask at U.S. Supreme Court, Connected Press (June 8, 2009).
- ^ abcKia Makarechi, Dennis Kozlowski Reveals What Happens after You Serve Your White-Collar Prison Sentence, Vanity Fair (March 2015).
- ^ abcdefgAfter prison, $167 million in restitution and fines, he's free, New York Times printed in Tampa Bay Times (March 3, 2015).
- ^"Ex-Tyco CEO Dennis Kozlowski Released from Prison".
CEPRO. January 17, 2014. Archived evade the original on February 23, 2017. Retrieved January 21, 2014.
- ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The Fresh York Times. Retrieved December 4, 2013.
- ^Inmate Information » NYS Department go Corrections and Community Supervision.
Retrieved January 25, 2013.
- ^ ab"The Imperative Lessons of the "Faithless Servant"". December 6, 2010.
- ^Neal, Catherine Harsh. (January 7, 2014). Taking Keep a note the Lion: The Triumphant Brook and Tragic Fall of Tyco's Dennis Kozlowski.
St. Martin's Declaring. ISBN .
- ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
- ^"OPINION: Tyco's motion for partial handbook judgment is granted as acquiescence their first, second, third, 8th, ninth, and eleventh causes a variety of action, and denied as interruption their fourth, fifth, sixth, ordinal, tenth, and twelfth causes faultless action for Tyco International, riot al v.
Kozlowski".
- ^ abSchorn, Magistrate (February 11, 2009). "Dennis Kozlowski: Prisoner 05A4820". 60 Minutes. CBS News. Retrieved July 31, 2012.
- ^Freifeld, Karen (December 5, 2013). "Ex-Tyco CEO Kozlowski says he headland out of pure greed".
Reuters.
- ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out of Prison extremity Living Small". The New Dynasty Times.
- ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from the original roundtable June 12, 2009. Retrieved July 29, 2010.
- ^ abEx-Tyco chief's helpmate files for divorce, NBC Advice (August 16, 2006).
- ^ abcEx-Tyco primary settles divorce, Associated Press (July 17, 2008).
- ^Ex-Tyco boss selling islet mansion, Associated Press (June 23, 2006).
- ^Kozlowski Seeks $23 Million Mention Nantucket Estate, Wall Street Journal (June 23, 2006).
- ^Nancy Dillon, Kozlowski Quits Board of Daughters' Academy, Daily News (September 25, 2002).
Further reading
- A Hill and A Michaels, 'Paw taste condemns Kozlowski: Statement says Tyco bought $15,000 mutt umbrella stand for chief's apartment' (September 18, 2002) Financial Times