Ex-Tyco CFO Mark Swartz granted parole

Thu Oct 3, 2013 11:53pm EDT

Former Tyco International CFO Mark Swartz arrives with his wife, Karen, at the State Supreme Court in New York City June 17, 2005. REUTERS/Seth Wenig

Former Tyco International CFO Mark Swartz arrives with his wife, Karen, at the State Supreme Court in New York City June 17, 2005.

Credit: Reuters/Seth Wenig

(Reuters) - Tyco International Ltd's (TYC.N) former chief financial officer, Mark Swartz, who is serving a prison sentence for bilking the company, has been granted parole by the New York parole board, his lawyer told Reuters.

Swartz, who was convicted of grand larceny and securities fraud in 2005, is expected to be released in January.

"Mark has been granted parole. He is grateful for this result and looks forward to resuming life with his incredible family," Swartz attorney Charles Stillman told Reuters.

Swartz was chief financial officer of the industrial conglomerate from 1995 through 2002. He was indicted in September 2002 and convicted in June 2005. Besides the prison sentence, he paid $72 million in court-ordered restitution and fines.

Bloomberg first reported that Swartz had been granted parole.

In July, former Chief Executive Dennis Kozlowski, who was also convicted along with Swartz, was denied a bid for a new parole hearing by a New York state appeals court.

Swartz and Kozlowski are serving sentences of 8-1/3 years to 25 years.

Kozlowski is scheduled to appear before the parole board in December, according to online records of the New York Department of Corrections and Community Supervision. (link.reuters.com/fuc63v)

The department could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

(Reporting by Sakthi Prasad in Bangalore; Editing by Supriya Kurane)