Ex- CEO's Tab, Daughter's Apt. LinkedApr 17, 2003 | NEWSDAY
Add this to the list of luxury items indicted ex-Tyco chief executive Dennis Kozlowski allegedly charged to the company: $28,966 a month in rent on an Upper East Side apartment for his law-student daughter.
Sandra Kozlowski, 25, who graduated from Middlebury College in 1999 and then attended Columbia Law School, didn't have to live like a typical cash-poor student, thanks to her dad, according to papers filed in State Supreme Court in Manhattan Tuesday.
Or, thanks to Tyco shareholders, which made "payments of $347,600 for a year's rent for an apartment used by Kozlowski's daughter," according to the papers. The apartment was on East 88th Street, according to a source.
The rent payment, from a loan program to Tyco employees, was revealed, along with payments for dental work, $100,000 payments to both Kozlowski's wife and his mistress, and $200,000 to Tiffany & Co., in a filing by the Manhattan district attorney's office. Kozlowski is charged with conspiring with ex-Tyco chief financial officer Mark Swartz to loot the company of $170 million.
The trial is scheduled for the fall.
This week's papers were filed in response to a motion by Mark Belnick, former chief corporate counsel at Tyco, who is charged in a separate indictment with falsifying business records and grand larceny, among other things.
In the papers, prosecutors say Belnick learned he was going to be fired in February 2000, and in March requested another law firm "redact the embarrassing payments, to conceal them from the SEC." After the SEC investigation was closed, the papers say, Belnick spoke with Kozlowski and rather than getting fired received a bonus worth $12 million.