NEW YORK (CNN/Money) – Ex-Tyco CEO Dennis Kozlowski received 8-1/3 to 25 years in prison Monday for his part in stealing hundreds of millions of dollars from the manufacturing conglomerate.
Former Tyco CFO Mark Swartz got the same sentence from Manhattan Supreme Court Judge Michael Obus.
Judge Obus also ordered Kozlowski and Swartz to pay $134 million back to Tyco, and Kozlowski was fined $70 million and Swartz $35 million — bringing total fines and restitution to $239 million.
The former Tyco executives were ordered to start serving their sentences immediately and were led from the courtroom in handcuffs.
First they got the Rigas family, now Kozlowski… Kenny Boy Lay, c’mon down, you’re the next contestant on The Sentence is Too Light!
See, fellas, your mistake was not waiting until you were elected to national office before ripping off the little guys. It’s a lot easier to get away with it when your buddy is Attorney General and you can steal in the name of war.
Now, does anyone think Kozlowski is going to serve the full amount of even the low-end 8 1/3rd year sentence? Ivan Boesky (remember the ’80s?) got 3 years, served 22 months. Michael Milken got 10 years, served 22 months. Charles Keating got 12.5 years, served 4.5 years.
For comparison’s sake, your average felony sentence in state prison for drug convictions is four years. For federal felony sentences (page 26), a drug offender faces an average 5 2/3rd year sentence for a guilty plea and nearly 17 years if found guilty in court.