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Tyco Larceny Trial Date Set

Nov 13, 2002 | AP

A Manhattan judge has set June 1 as the tentative trial date for the $600 million larceny case against the former chairman of Tyco International Inc. and the company’s chief financial officer.

State Supreme Court Justice Michael Obus set the date Tuesday for Dennis Kozlowski, 55, and Mark Swartz, 41, while working out schedules for motions and for exchange of materials between the defense and prosecution.

Kozlowski, Tyco’s former CEO, and Swartz, the conglomerate’s former CFO, have been indicted on larceny and related charges in connection with the alleged theft of $600 million from Tyco.

Both defendants have pleaded innocent. Kozlowski is free on $100 million bail and Swartz is out on $50 million bail.

Obus also modified Swartz’ bail restrictions to allow him to travel to California to spend the holidays with his in-laws. The judge, noting that the in-laws posted a large part of the security for Swartz’ bail, said it was appropriate for him to visit them during the holidays.

At the same time, the judge said Kozlowski could visit Colorado for four weeks - from Dec. 20 to Jan. 15. Kozlowski owns three properties near Vail in Eagle County, including a 17-room mansion, a ski resort condominium, and an undeveloped lot.

Obus scheduled the next court date for Feb. 7.

Tyco, which is based in Bermuda, with U.S. offices in Exeter, has been under fire from shareholders and regulators over charges of improper payments to top executives.

Kozlowski resigned in June before he was indicted on charges of evading New York sales taxes.

Kozlowski also has been charged by the Securities and Exchange Commission with taking $242 million in loans from a program meant to help Tyco employees buy company shares.

Former corporate counsel Mark Belnick also has pleaded innocent to charges that he falsified business records to cover up $14 million in improper loans.

Several directors have resigned, amid accusations they knew what Kozlowski was doing and that they also benefited from improper payments.

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