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 Monday, September 19, 2005 |
BREAKING NEWS ~ Ex-Tyco executives get up to 25 years jail for grand larceny
Holly Manges Jones at 12:32 PM ET
[JURIST] Wire services are reporting that two former Tyco [JURIST news archive] executives have been sentenced to between 8 1/3 and 25 years in prison after having been found guilty of securities fraud, grand larceny and conspiracy [JURIST report] earlier this year. Former Tyco International CEO Dennis Kozlowski and former CFO Mark Schwartz were convicted of stealing hundreds of millions of dollars from the corporation by giving themselves some $150 million in illegal bonuses, forgiving huge loans to themselves, and manipulating Tyco's stock price.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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