Dennis Kozlowski Net Worth: For twenty years, Dennis Kozlowski led Tyco International as its chief executive officer. Dennis, as CEO of Tyco, became notorious for his extravagant partying and lifestyle, which the company paid for.
During a major financial fraud scandal that rocked the company in 2002, he stepped down. After Kozlowski’s 2005 conviction and subsequent nine-year prison term, he was released on conditional status in early 2014.
Following his arrest, he was put on trial and found guilty of collecting over $80 million in excessive bonuses and compensation. Along with sanctioning a bogus $20 million payment to a Tyco investment banker, he was also found guilty of illegally collecting artwork valued at $14 million.
His prison term will take place at Mid-State Correctional Facility and will last anywhere from 8 to 25 years.
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Dennis Kozlowski Early Life
Born Leo Dennis Kozlowski on November 16, 1946, in Newark, New Jersey to parents Leo Sr., who drove for Public Service Transport, and Agnes, who worked for the Newark Police Department, Dennis Kozlowski later changed his name.
His mother and father were both Polish Americans of the second generation. Kozlowski attended college at Seton Hall in nearby South Orange, New Jersey. You may also read Barack Obama’s Net Worth
Tyco International
Kozlowski began working at Tyco International, a security systems firm, in 1975, eventually rising to the position of chief executive officer in 1992. During his tenure as CEO, the company expanded significantly thanks to several strategic mergers and acquisitions.
Preferred Pipe, Thorn Security, Sempell, Raychem, Wormald International, Tectron Tube, ElectroStar, Submarine Systems, and Professional Medical Products are only some of the companies that Tyco bought in the 1990s.
In 1997, Tyco was incorporated in the tax haven of Bermuda after merging via a reverse takeover with the security services firm ADT. General Surgical Innovations, AFC Cable, Siemens Electromechanical Components, and Mallinckrodt were just a few of the companies that Kozlowski and Tyco bought in the new millennium. Tyco, despite its many acquisitions, nonetheless lost $3 billion in 2002 alone.
Tyco Scandal
Kozlowski resigned as CEO of Tyco in 2002 after a large financial fraud scandal rocked the company. By concealing material financial facts and declaring exaggerated earnings, the corporation was accused of breaking the Securities Exchange Act.
“I was piggy. But I’m not that person anymore” Dennis Kozlowski talks about his time in prison http://t.co/nkTnKNjQff pic.twitter.com/uhXrxGOvyn
— The Boston Globe (@BostonGlobe) March 2, 2015
Kozlowski was put on trial twice, both times insisting that he was innocent of any wrongdoing as CEO. He and Tyco’s former CFO Mark Swartz were found guilty of various counts of securities fraud, grand larceny, and fabricating corporate documents in 2005, notwithstanding his protests.
The specific offences committed by Kozlowski include the receipt of $81 million in bonuses and the payment of a $20 million investment banking charge to a former director of Tyco.
Prison Time
Kozlowski was given a prison term of eight to twenty-five years by the Manhattan Supreme Court for his offences. In addition, Kozlowski was fined $70 million and Swartz was fined $35 million, for a combined total of $134 million in reparations.
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
After being convicted, Kozlowski was sent to the Mid-State Correctional Facility in Marcy, New York, where he spent the better part of six years doing time. When his parole hearing came up in the spring of 2012, he was turned down.
After that, Kozlowski was moved to New York City’s Lincoln Correctional Facility, where he stayed until his early 2014 conditional release.
Dennis Kozlowski Personal Life
Kozlowski’s extravagant lifestyle during his time at Tyco earned him notoriety, drawing comparisons to the excesses of ancient Roman emperors. He apparently had his firm foot the bill for his $30 million mansion in New York City, complete with $6,000 shower curtains and other extravagant features.
He also acquired a beachfront mansion in Nantucket and a few acres in the Sanctuary, a private gated enclave near Boca Raton, Florida. Tyco continued to foot the bill for several of Kozlowski’s lavish extravagances, such as a $1 million birthday bash for his wife Karen.
The party was held on the Italian island of Sardinia and featured a private concert by Jimmy Buffett as well as an ice sculpture of Michelangelo’s “David” peeing vodka. Kozlowski split up with his wife Karen in 2006.
Subsequently, he wed Kimberly, with whom he now shares numerous business interests. Kozlowski is the chairman of the board for the nonprofit organization Fortune Society, which was established by David Rothenberg in 1967 to aid formerly jailed people.
Dennis Kozlowski Net Worth
U.S. citizen Dennis Kozlowski is a businessman and convicted felon who was once worth $600 million. For twenty years, Dennis Kozlowski led Tyco International as its chief executive officer. Dennis, as CEO of Tyco, became notorious for his extravagant partying and lifestyle, which the company paid for.
During a major financial fraud scandal that rocked the company in 2002, he stepped down. After Kozlowski’s 2005 conviction and subsequent nine-year prison term, he was released on conditional status in early 2014.
How Much Money Did Dennis Spend On His Wife’s Birthday Party?
Tyco covered half ($1,000,000) of the tab for Kozlowski’s second wife Karen Mayo Kozlowski’s 40th birthday party. An ice sculpture of Michelangelo’s David urinating Stolichnaya vodka was one of the highlights of the lavish celebration, which was held on the Italian island of Sardinia and also featured a private concert by Jimmy Buffett.
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