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NY frees ex-Tyco executive Swartz on parole

October 3, 2013
Associated Press

ALBANY, N.Y. (AP) — A New York state parole board has released former Tyco executive Mark Swartz on parole after he served prison time for his conviction in a $134 million corporate fraud case.

Former CEO Dennis Kozlowski is still awaiting a parole hearing as of Thursday.

Kozlowski and Swartz, who was the security systems company's chief financial officer, have been among 304 inmates in the state's work-release program.

Defense attorneys say the men collectively paid $134 million in restitution to Tyco and $105 million in fines to the state after their 2005 convictions. They were sentenced to 8 1/3-to-25-years in prison for 22 counts of grand larceny, conspiracy, falsifying records and violating business law.

Kozlowski and Swartz were accused of giving themselves as much as $150 million in illegal bonuses and forgiving millions of dollars in loans to themselves.



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