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June 23, 2005
This is really, really not going well
During the recent trial of former Tyco CEO Dennis Kozlowski, I noted here and here that the cross-examination of Mr. Kozlowski did not go well for the defense.
Consistent with that theme, this Wall Street Journal ($) article reports today that Mr. Kozlowski -- who essentially was convicted of embezzling excess compensation from Tyco -- wrote this letter several years ago to a Houston assistant district attorney in which he requests that the prosecutor seek the maximum prison term for a former executive of a Tyco unit who had been found guilty in a Houston state court for -- you guessed it -- embezzlement.
In his letter, Mr. Kozlowski wrote that the former Tyco unit executive's crime "cannot be condoned in any manner" and that "not only did he steal from the stockholders ... but he breached the fiduciary duty placed in him." In advocating the "maximum term," Mr. Kozlowski noted that the court needed to send a message that "wrongdoing of this nature against society is considered a grave matter."
The former Tyco unit executive got 20 years, although he was paroled after four.
Posted by Tom at June 23, 2005 5:19 AM
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