Posted on 03/18/2004 9:21:12 PM PST by endthematrix
NEW YORK (Reuters) - A Manhattan jury began deliberations in one of the biggest corporate corruption cases in U.S. history on Thursday, weighing nearly six months of testimony on whether two former top Tyco International Ltd. executives looted the conglomerate of $600 million.
Former Tyco Chairman Dennis Kozlowski and Mark Swartz, the company's former finance chief, face up to 30 years in state prison if found guilty on charges of grand larceny, securities fraud, conspiracy and providing false information on Tyco disclosure forms.
After receiving lengthy instructions from Manhattan Supreme Court Judge Michael Obus, the jury began deliberations on a 32-count indictment centering on claims that Kozlowski and Swartz illegally tapped company loan and bonus programs to buy yachts, jewelry and real estate.
One alternate juror, Simon Cuesta, who was dismissed by the judge shortly after deliberations began, praised the other panelists and said he was confident a "just" verdict would be reached in the case.
Cuesta declined to comment on how he would have voted, saying jurors agreed not to discuss their views publicly until the case was decided.
But Cuesta, a bus driver, hinted that there may be some disagreement among jurors in the complicated case. "Comments were made -- not that they discussed the case -- but some think one way and some think the other way," he told Reuters.
He added, however, "whatever decision they make will be a just one."
The panel sent several notes to the court as they worked through the first hours of deliberations, including one that asked the judge to define "criminal intent" -- a central issue in the trial.
Kozlowski and Swartz maintain they were authorized to receive the payments and were acting in "good faith" rather than with criminal intent, a position that prosecutors have sought to dismantle throughout the lengthy trial.
Judge Obus told lawyers he would consider the jury's note overnight.
Other questions from the jury included a request for the indictment, which was denied. The judge also turned down their request for a copy of a prosecution chart used during closing arguments that summarized the charges against the former executives since it is not considered evidence.
Swartz was the only defense witness and offered sweeping denials that he and his former boss had received bonuses and forgiven loans without the approval of Tyco's board.
© Reuters 2004. All Rights Reserved.
I'm sure it's not a personality cult stock like Martha Stewart's, so it probably won't be hit too hard, if at all. Is the company damaged goods? Is that why you quit doing work for them? Or was it hurt already and had to cut back which effected your being employed by them? Care to tell?
No, you're not disagreeing. You must have mis-read what I said, somehow, so I quoted myself to help your Attention Surplus Disorder.(grin)
Thank you for your enlightening reply as it is re-assuring to me that my Mutual Fund Manager has not lost his mind! He's been awfully good at beating the indexes in the past five difficult years and I was somewhat shocked to find Tyco so prominent in the top ten holdings.
Thanks again for you opinion!!!
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