NEW YORK (CNN/Money) - Former Tyco CEO Dennis Kozlowski and ex-CFO Mark Swartz were found guilty Friday of looting Tyco of $150 million worth of undeserved bonuses and secretly forgiven loans.
They were also charged with misrepresenting Tyco's financial condition in order to inflate the company's share price and then sell $575 million in company shares and options.
A jury of six men and six women came back with their verdict after 11 days of deliberations following a trial in a New York State court that lasted over four months.
Their first trial ended in a mistrial in April 2004.
After the verdicts were read, Dennis Kozlowski's face was scarlet red and his daughter buried her face is in her hands, according to an eyewitness.
Mark Swartz' wife appeared to be in shock and Kozlowski's wife was crying.
The government requested mandatory jail time of 15 to 30 years in state prison.
Both men were released on their own recognizance Friday.
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They were also charged with misrepresenting Tyco's financial condition in order to inflate the company's share price and then sell $575 million in company shares and options.
A jury of six men and six women came back with their verdict after 11 days of deliberations following a trial in a New York State court that lasted over four months.
Their first trial ended in a mistrial in April 2004.
After the verdicts were read, Dennis Kozlowski's face was scarlet red and his daughter buried her face is in her hands, according to an eyewitness.
Mark Swartz' wife appeared to be in shock and Kozlowski's wife was crying.
The government requested mandatory jail time of 15 to 30 years in state prison.
Both men were released on their own recognizance Friday.
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