Dennis Kozlowski Net Worth
Dennis Kozlowski Net Worth: American businessman and convicted felon Dennis Kozlowski had a net worth of $600 million. CEO of Tyco International for 20 years, Dennis Kozlowski’s tenure was unusual. Dennis Kozlowski net worth has increased gradually.
Dennis became well-known during his tenure as CEO of Tyco for the expensive parties and lifestyle he maintained with money provided by the company. Due to a major financial fraud incident, he resigned in 2002. Kozlowski was convicted in 2005 and released on conditional status in early 2014. He had been in prison for around nine years.
He was later put on trial and found guilty of collecting over $80 million in excessive bonuses and salary. Furthermore, he was found guilty of falsely arranging a $20 million payment to a Tyco investment banker and of illegally acquiring artwork valued at $14 million. To be served at Mid-State Correctional Facility, his sentence ranges from 8 to 25 years.
One of Dennis Kozlowski’s most famous extravagances was a $30 million apartment in New York City that was paid for by Tyco. The shower curtain in this apartment was rumoured to have cost $6,000. The dog umbrella stand? $15,000.
Tyco also threw Dennis’ ex-wife an extravagant 40th birthday party on the Italian island of Sardinia, spending a total of $1 million. Over the course of his tenure at Tyco, Dennis amassed more than $150 million in cash and bonuses and made an extra $430 million by manipulating the stock price.
Kozlowski was sentenced to prison time in addition to paying $134 million to Tyco and a $70 million fine to the United States government. Below is everything we know about Dennis Kozlowski net worth.
Early Life
Dennis Kozlowski was born on November 16, 1946, in Newark, New Jersey, as Leo Dennis Kozlowski. His parents, Leo Sr., who worked for Public Service Transport, and Agnes, who worked for the Newark Police Department, gave him the name Dennis. His mother and father were both Polish Americans of the second generation. Kozlowski attended college at Seton Hall in South Orange, New Jersey when he was a young man.
Tyco Scandal
Kozlowski stepped down as CEO of Tyco in 2002 in the midst of a significant financial fraud scandal. It was claimed that the company had broken the Securities Exchange Act by overstating its profitability and concealing key financial data. During each of his trials, Kozlowski denied any wrongdoing on his part as CEO.
Despite his claims, in 2005, he and former Tyco CFO Mark Swartz were found guilty of various counts of securities fraud, grand larceny, and manipulating corporate records. Specifically, Kozlowski stole $81 million in incentives and allegedly paid a $20 million investment banking fee to a former Tyco director, Frank Walsh.
Prison Sentence
The Manhattan Supreme Court ruled that Kozlowski deserved a sentence of eight to twenty-five years in prison for his offences. Also, Kozlowski was fined $70 million and Swartz was fined $35 million, for a combined total of $134 million in restitution. His request for release in the spring of 2012 was turned down. Soon after, Kozlowski was moved to New York City’s Lincoln Correctional Facility, where he remained until his conditional release in the early months of 2014.
Fmr. Tyco CEO Dennis Kozlowski back to biz in M&A, prison in rear view mirror https://t.co/o9McbyDZlx pic.twitter.com/9fX5uVXQbR
— FOX Business (@FoxBusiness) February 10, 2016
Faithless Servant Doctrine
Kozlowski was also sued by Tyco as a result of his criminal activities. The suit was successful, and the court told Kozlowski to give back to the company the $500 million in pay and benefits he got during the time he was not loyal. This was possible because of New York’s “faithless servant doctrine,” which says that disloyal employees have to give back all the money they got while they were not loyal to the company.
Dennis Kozlowski net worth is estimated to be $600 million.
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