The former chief financial officer of Tyco International, accused of stealing tens of millions of dollars from the company, believed that...
NEW YORK — The former chief financial officer of Tyco International, accused of stealing tens of millions of dollars from the company, believed that all the money he received from Tyco was authorized, his lawyer said yesterday in summing up.
Lawyer Charles Stillman said that because Mark Swartz believed he had done nothing wrong, he never tried to conceal the loans and compensation he got from Tyco. Stillman gave the jury a slogan by which to deliberate: “No criminal intent means no crime.”
“The DA must prove beyond a reasonable doubt that Mark intended to steal the money,” Stillman told jurors as he offered his closing arguments in Manhattan’s state Supreme Court. “They’ve proven no such thing.”
Swartz, 44, and L. Dennis Kozlowski, 58, Tyco’s former chief executive officer, are accused of stealing $170 million from Tyco by hiding unauthorized pay and bonuses and by abusing company loan programs. They are accused of making an additional $430 million by inflating the value of Tyco stock by lying about the company’s finances.
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Swartz, at Tyco from 1991 until September 2002, is charged with grand larceny, falsifying business records and securities fraud. Kozlowski is similarly charged.
Both men face up to 25 years in prison if convicted on just one of the first-degree grand-larceny counts against them.
The former executives’ second trial is ending more than a year after their first trial ended in a mistrial because a juror, identified by some news media and depicted as being a defense holdout, reported receiving threats.
That former juror, Ruth Jordan, was in court yesterday watching the closing arguments.