US: Court Denies Bail for Former Tyco Execs
A state appeals court Monday refused to allow bail for former Tyco International executives L. Dennis Kozlowski and Mark Swartz while they appeal their convictions on charges of stealing some $600 million from the company.
The order denying bail for the two pending their appeals was signed by Justice Angela Mazzarelli of the State Supreme Court's Appellate Division in Manhattan.
Kozlowski, 58, and Swartz, 45, have been in custody since they were sentenced on Sept. 19 to eight and one-third to 25 years in prison. They were convicted in June on charges of first-degree grand larceny and other charges related to accusations they stole $180 million outright and improperly made some $430 million by manipulating Tyco's stock value.
Lawyers for the two _ Austin Campriello for Kozlowski and Charles Stillman for Swartz _ applied and argued for bail before Mazzarelli the day after the sentencing by State Supreme Court Justice Michael Obus. Assistant District Attorney Marc Scholl argued against the bail application.
The two former executives have been at the Downstate Correctional Facility in Fishkill, N.Y., since Sept. 22, one of three reception centers where male inmates stay for several weeks while being evaluated and waiting to be assigned a full-time prison.