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Last Updated: Friday, 17 June, 2005, 19:17 GMT 20:17 UK
Tyco two guilty of stealing $150m
Former Tyco International chief executive Dennis Kozlowski
Mr Kozlowski denied the charges against him
Former Tyco chief executive Dennis Kozlowski and finance chief Mark Swartz have been found guilty of stealing over $150m (82m) from the US manufacturer.

They used the cash to fund opulent lifestyles, splashing out on expensive jewellery, luxury apartments and giant $2m Mediterranean parties.

It was the pair's second trial. The first collapsed after a juror received a threatening phone call and letter.

Kozlowski and Swartz could now face prison sentences of up to 25 years.

'Embarrassing' pay packet

The former bosses took the money through secret loans that were then simply forgotten, and unauthorised bonuses, the court heard.

Former finance chief Mark Swartz
Mr Swartz also insisted he was not guilty

Kozlowski took to the stand to defend himself during the trial.

He insisted that while his pay packet had been "confusing" and "almost embarrassingly big", he had never committed a crime.

But the jury disagreed, returning guilty verdicts for both men.

Their first trial collapsed in April 2004, with the second starting in January 2005. Both were heard in New York.

The second jury returned its verdict after 11 days of deliberations.

Appeals

Lawyers for both Kozlowski, 58, and Swartz, 44, said their clients would appeal.

No sentencing date has been set for the two men, but a follow-up hearing will now take place on 2 August.

Swartz and Kozlowski will remain free on bail before then.

Tyco employs 250,000 people in 2,000 locations around the world and sells electronic, healthcare, and plastics supplies.


BBC NEWS: VIDEO AND AUDIO
The two men's lawyer makes a statement after the verdict



SEE ALSO:
Jury goes out in new Tyco trial
02 Jun 05 |  Business
Former Tyco bosses facing retrial
18 Jan 05 |  Business
Tyco's former top lawyer cleared
15 Jul 04 |  Business
Tyco case disarray as jury splits
26 Mar 04 |  Business
Charge against Tyco pair dropped
05 Mar 04 |  Business
Tyco profit jumps on cost cutting
04 Feb 04 |  Business


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