| NEW YORK
NEW YORK Dec 5 Disgraced ex-Tyco International
Ltd chief executive Dennis Kozlowski, who was granted parole
this week after serving an eight-year prison sentence, said
simple greed had led him to steal more than $150 million from
the company, a transcript of a parole board hearing released
"It was greed, pure and simple," the 67-year-old former
executive told a New York State parole panel at a Dec. 3 video
conference hearing. "I feel horrible ... I can't say how sorry I
am and how deeply I regret my actions."
The panel granted Kozlowski's parole bid on Tuesday and he
is scheduled to be formally released on Jan. 17.
A poster boy for the corporate excesses of the 1990s bull
market, Kozlowski went to prison after a trial that featured a
$6,000 shower curtain and video of a $2 million party with ice
sculptures of Michelangelo's David spewing vodka.
He was sentenced in 2005 to 8-1/3 to 25 years in prison
following his conviction on grand larceny, securities fraud and
At Tuesday's parole hearing, he told the panel he took
unauthorized bonuses over three or four years. He said over $100
million went to a deferred income account, "where it sits to
Kozlowski said he tried to "make up for" his crimes by
selling homes and liquidating investments to pay $134 million in
court-ordered restitution and a $70 million fine.
Kozlowski's share of the restitution was $97 million. His
co-defendant Mark Swartz, Tyco's former chief finance officer,
paid $37 million.
But the former executive also drew a distinction between his
actions at Tyco between 1999 and 2002 and companies such as
Enron that went bust in 2001. Enron left thousands of workers
without jobs and retirement savings.
"Tyco today is a healthy company," Kozlowski said. "Unlike
other companies at that time, nobody lost their 401ks or things
like that. That did not happen at Tyco. It's not like Enron."
Kozlowski spent nearly seven years at the Mid-State
Correctional Facility, a medium security prison in Marcy, New
York, about 250 miles north of New York City, where he worked as
a laundry porter.
He has been serving the last of his sentence in a
work-release program through the Lincoln Correctional Facility
in Manhattan. Since July, he has lived on his own, reporting to
a counselor there twice a week, according to the transcript.
Kozlowski told the parole board he was now residing with a
woman in an apartment, but her name and the location were
redacted from the transcript.
He said he works as a clerk in a software company that helps
veterans, former offenders and others get jobs, preparing
proposals, proofreading and making copies. He said he does not
Kozlowski was granted parole after being denied his first
bid in April 2012. The board at the time said releasing him
early would "deprecate the seriousness" of his crimes and
"undermine respect for the law."
Kozlowski's co-defendant Mark Swartz, Tyco's former chief
financial officer, also is scheduled to be paroled in January.