Ex-Tyco CEO loses parole bid in New York

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Associated Press

Posted on April 5, 2012 at 6:00 PM

Updated Friday, Apr 6 at 4:01 AM

NEW YORK (AP) — Former Tyco International Ltd. CEO L. Dennis Kozlowski has lost a bid to get out of the New York prison where he's serving time for taking millions of dollars in unauthorized bonuses.

The state Parole Board said in a decision Thursday that his release now "would not be compatible with the welfare of society at large." The board said his conviction represented a "glaring violation of trust" in a CEO of the public security-systems company.

Defense lawyer Alan Lewis says the former executive is "deeply disappointed." Prosecutors opposed parole but had no further comment.

Kozlowski was convicted in 2005. He was sentenced to 8 1/3 to 25 years in prison.

He has maintained the trial was flawed. The state's highest court, the Court of Appeals, has upheld the conviction.

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