Oct 3 Tyco International Ltd's 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
Bloomberg first reported that Swartz had been granted
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
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. ()
The department could not immediately be reached for comment
by Reuters outside of regular U.S. business hours.