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BREAKING NEWS ~ Former Tyco executives found guilty of grand larceny

[JURIST] Former Tyco [JURIST news archive] CEO Dennis Kozlowski and former CFO Mark Schwartz were convicted Friday of grand larceny in connection with huge bonuses and other compensation amounting to over $150M they improperly received while in charge of the company. They were both convicted of 12 counts of grand larceny, one count each of conspiracy and violation of business law, and eight counts of falsifying records. Earlier proceedings in April 2004 ended in a mistrial [JURIST report] because of outside pressure on one of the jurors [JURIST report]. The government has requested mandatory jail time of 15-30 years. CNN has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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