NEW YORK – A judge on Tuesday delayed jury deliberations in the trial of two top former Tyco executives accused of dipping into company coffers and "systemically" looting $150 million from the conglomerate over four years.
Former Tyco (TYC) Chairman Dennis Kozlowski, 58, and Mark Swartz, 44, former finance chief at the company, are on trial in N.Y. State Supreme Court on charges of grand larceny, securities fraud, falsifying business records, conspiracy and other crimes stemming from the huge bonuses and other compensation they received from Tyco.
The judge said the deliberations, which were expected to begin Tuesday, will be delayed until Thursday due to surgery for a juror's family member.
The defendants face up to 25 years in state prison if convicted of the top count of grand larceny.
Ann Donnelly, one of two assistant district attorneys who presented the prosecution's summation Friday, cited Kozlowski's testimony, in which he said he accepted responsibility for whatever happened.
Donnelly said Kozlowski and Swartz were responsible for stealing millions of dollars by awarding themselves unauthorized bonuses and by abusing the company's loan program.
Defense lawyers for both men say the defendants never stole anything from Tyco, never intended to steal anything from Tyco, and never accepted anything that was not approved by the appropriate company officials.
Kozlowski and Swartz are accused of stealing $170 million from Tyco by hiding unauthorized pay and bonuses and by abusing company loan programs. They allegedly made another $430 million by inflating stock prices with lies about Tyco's finances.
Tyco, which has about 250,000 employees and $40 billion in annual revenue, makes electronics and medical supplies and owns the ADT home security business. Nominally based in Bermuda, its operations headquarters are in West Windsor, N.J.