Dennis Kozlowski and Mark Swartz, former Tyco International Ltd top executives who were found guilty of stealing more than $150 million from the company, were each sentenced on Monday to up to 25 years in prison.
The sentences, were handed down by Judge Michael Obus, who presided over the pair's grand larceny and conspiracy trial in Manhattan Supreme Court. They were sentenced to between 8 1/3 years and 25 years.
Former Chief Executive Kozlowski, 58, and Chief Financial Officer Swartz, 44, were each found guilty in June of 22 counts of grand larceny, conspiracy, fraud and falsifying business records. They have vowed to appeal the verdicts.
The two were ordered on Monday to pay restitution to the company of around $134 million. Kozlowski was also fined $70 million and Swartz was fined $35 million by the state.
Both Kozlowski and Swartz briefly addressed the judge before the sentencing. Kozlowski said he recognised he would be punished but asked the judge to "please be as lenient as possible."
Earlier, Kozlowski attorney Stephen Kaufman said to the judge about his client that "he is a good man. He is a decent person. His reputation has been tarnished, but his life should not be destroyed."
Prosecutors had asked for the maximum sentence for both men. Prosecutor Owen Heimer told the judge that Kozlowski committed larceny and fraud on an "unprecedented, staggering scale." He said the jury verdict showed that Kozlowski perjured himself when he took the stand in his own defence.
"The defendant absolutely refuses to take any responsibility for his actions," Heimer said.
Both Kozlowski and Swartz were handcuffed and remanded to the New York state prison system following the sentencing. Defendants are usually taken to Riker's Island to await transfer within several weeks to a permanent state facility.
Besides accusations of stealing more than $150 million in secretly forgiven loans and undeserved bonuses, Kozlowski and Swartz also were accused of defrauding investors by selling $575 million in Tyco stock while misrepresenting the company's finances.