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- Dennis Kozlowski
- Business Executive
- Receiving Unauthorized Payments
- Six years in prison
The arrest of Dennis Kozlowski:
He was living the good life as the head of a major security systems company, Tyco International. But his high living and financial security came crashing down when he was convicted of receiving a staggering 81-million dollars in unauthorized bonuses.
Born in Newark, New Jersey, Leo Dennis Kozlowski's father Leo worked for Public Service Transport and his mother Agnes for the local police and as a school crossing guard.
Dennis went to nearby Seton Hall University and joined Tyco in 1975, becoming CEO in 1992
With Kozlowski leading the way, Tyco enjoyed an enormous expansion in the late 1990's, through a series of mergers and acquisitions.
But Kozlowski was making some controversial personal acquisitions, becoming notorious for an extravagant lifestyle, which included a 30-million dollar New York City apartment (which Tyco paid for) and it had $6000 shower curtains and $15,000 dog umbrella stabs.
The company also footed half the bill for a 2-million dollar birthday bash Dennis paid for his second wife, Karen
…on the island of Sardinia.
Karen divorced him in 2006.
Dennis also bought nearly 15 million dollars in art and oversaw Tyco's payment of a 20 million dollar investment banking fee to former Tyco director, Frank Walsh.
Dennis was tried twice, the first ending in a mistrial. But he was convicted on June 17, 2005 for receiving those unauthorized bonuses and was sentenced to serve up to 25 years in prison.
Kozlowski spent more than six years in the Mid-State Correctional facility in upstate Marcy, New York before being transferred to New York City's Lincoln Correctional Facility.
He was granted a conditional release in January, 2014.