Divorce settled for Tyco looter Dennis Kozlowski

[ 0 ] July 19, 2008

Divorce setted for Tyco looter Dennis Kozlowski

The attorneys of Karen Kozlowski said on Thursday a divorce settlement has been reached with his clients husband Dennis Kozlowski – the former Tyco International chief who is in prison serving time for looting millions of dollars from the company.

The confidential agreement was said to be reached and filed soon in Palm Beach County Circuit Court. Karen filed for divorce in 2006, a few months after Kozlowski was sent to prison for fraud and other convictions in the $600 million Tyco scandal.

In an email statement marks and co-counsel Alan Kluger said “She has been at his side from the beginning of all of his legal problems through the very end. The terms of their marital settlement agreement, although confidential, is a reflection of that support and commitment.”

It’s reported that Karen Kozlowski asked for half of the couple’s assets which includes their Boca Raton mansion which they brought for $19 million. The couple have used to an extravagant lifestyle with Kozlowski throwing a $2 million birthday party for Karen in Sardina a gorgeous Mediterranean island.

Dennis Kozlowski worked for Tyco, based in Bermuda, and was once one of the highest paying executives for the company which sells firefighting equipment, security systems and water purification systems, amongst other products. Tyco has around 118,000 employees worldwide. Kozlowski is serving between eight and 25 years in a New York prison, Kozlowski and another former executive were convicted of several charges involving the misuse of $600 million in Tyco funds to finance extravagant lifestyles.

According to the New York corrections department website the pair could be out on parole as early as 2014.

Source: Business Week

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Category: Divorce News