NEW YORK, July 2 (Reuters) - Dennis Kozlowski, the former Tyco International Ltd chief executive convicted of looting the company of more than $100 million, was denied a bid for a new parole hearing by a New York state appeals court on Tuesday.
A panel of five Appellate Division justices in Manhattan said a state parole board adequately justified its April 2012 decision not to grant Kozlowski early parole.
The board at the time said releasing Kozlowski early would “deprecate the seriousness” of his crimes and “undermine respect for the law.”
Kozlowski, 66, was sentenced in 2005 to 8-1/3 to 25 years in prison following his conviction on grand larceny, securities fraud and other charges. During his trial, he became a symbol of corporate greed and lavish spending for throwing a $2 million birthday party for his wife and buying a $6,000 shower curtain, among other items.
In February, Manhattan Supreme Court Justice Carol Huff voided the parole board’s determination and ordered a new hearing, saying the board failed to identify factors justifying its determination other than the seriousness of Kozlowski’s crimes. The parole board then appealed that decision to the Appellate Division.
In a two-paragraph order on Tuesday, the appeals court said the parole board had “adequately set forth its reasons for the denial.”
Alan Lewis, a lawyer for Kozlowski, said in a statement they “respectfully, but strongly, disagree” with the order and plan to appeal.
Meanwhile, Kozlowski’s next regularly scheduled parole hearing is set for September.
Following his sentence, Kozlowski spent more than six years at the Mid-State Correctional Facility in Marcy, New York, about 250 miles north of New York City.
Last year, he was moved to a minimum-security facility in Manhattan. He now spends two nights a week there, and the rest of his time at work or at home.
Co-defendant Mark Swartz, Tyco’s former chief financial officer, is also at the same minimum-security facility on work release. His first parole hearing is scheduled for September. (Editing by Jan Paschal)