Ex-Tyco CEO Dennis Kozlowski Released from Prison
Former Tyco CEO Dennis Kozlowski, who helped lead ADT to prominence, has been released on parole after serving eight years in prison for tax evasion and excessive bonuses totaling $430 million.
Former Tyco CEO Dennis Kozlowski will be released from prison on parole today after serving eight years after being convicted on 22 felonies.
The disgraced executive was sentenced in 2005 to between eight and 20 years in prison after being convicted of taking excessive bonuses totaling $430 million, tax evasion and stealing more than $100 million from Tyco.
From behind bars in upstate New York in an exclusive interview provided to CE Pro in 2011, he described the keys to the success of ADT and his own legacy to the security industry. He also described his existence in prison, which included laundry duty in his cell block and doing lots of reading. Kozlowski defended his financial package even behind bars, noting that it had been approved by the Tyco board of directors.
Kozlowski also said in that interview, “when I get out, I want to go sailing, have a decent meal and spend the night with a woman. I plan to dabble in the investment business and raise some capital.”
Kozlowski spent more than six years at the Mid-State Correctional Facility, a medium security prison in Marcy, New York. According to Reuters, Kozlowski “has been serving the last of his sentence in a state work-release program in Manhattan, while working as a clerk in a company that makes computer software.”
Kozlowski’s decadence was likely one reason for the conviction, which included a $2 million birthday/toga party in Sardinia called “The Tyco Roman Orgy” he threw for his wife, $11 million in artwork for his Manhattan apartment, a $15,000 doggy umbrella stand and, of course, the infamous $6,000 shower curtain.
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at [email protected]
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