Tyco two guilty of stealing $150m

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.

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.