Tyco Execs' Appeal Of Convictions Shot Down

Law360, New York (November 16, 2007, 12:00 AM EST) -- Two former Tyco International Inc. executives convicted of looting the industrial conglomerate lost their appeals Thursday when a New York appeals court refused to toss their 25-year prison sentences.

New York State Supreme Court's Appellate Division rejected arguments by former chief executive Dennis Kozlowski and former chief financial officer Mark Swartz that the money they siphoned from the company had been approved by the company's compensation committee and included in their compensation plans.

“One cannot steal what one has earned,” attorneys for the convicted pair argued...
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