NEW YORK, April 5 (Reuters) - Dennis Kozlowski, the former
Tyco International CEO whose $6,000 shower curtain made him a
symbol of corporate greed, was denied parole this week, New
York's Department of Corrections said on Thursday.
Kozlowski, 65, is serving a sentence of 8-1/3 to 25 years
for looting Tyco International of more than $100 million. He has
been behind bars for more than six years.
The state's Parole Board said after a hearing on Tuesday
that Kozlowski's release would "deprecate the seriousness" of
his crimes and "undermine respect for the law."
Kozlowski was convicted in 2005 of grand larceny, securities
fraud and other charges. He stole $137 million from Tyco in
unauthorized bonuses, abused company loan programs and sold more
than $400 million in inflated stock.
Alan Lewis, an attorney for Kozlowski, said in a statement
that his client was "deeply disappointed" by the decision.
Kozlowski disagrees with a board finding that his parole would
compromise public safety, the statement said.
He has served most of his time at Mid-State Correctional
Facility in Marcy, New York, about 250 miles north of New York
City.
Since January, he has been at Lincoln Correctional Facility
in New York City. He leaves the facility for work on weekdays.
It is unclear what he does. He also is authorized to leave on
Saturday mornings for a Sunday night return, according to the
state Department of Corrections.
In addition to hearing about his $6,000 shower curtain and
$15,000 umbrella stand, jurors at Kozlowski's trial saw
videotape of a $2 million party he threw in 2001 for his wife on
the island of Sardinia. It featured an ice sculpture of
Michelangelo's David spewing vodka from his private parts.
Kozlowski and his wife, Karen, divorced after he was jailed.
If approved for release, Kozlowski would have obtained his
freedom in August. He will not come before the Parole Board
again until April 2014. The board said he had a clean
disciplinary record.
His co-defendant, Mark Swartz, Tyco's former chief financial
officer, has a Parole Board hearing in September. Swartz is also
at Lincoln on work release.
(Reporting By Karen Freifeld)
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