Former Tyco CEO Dennis Kozlowski has lost his bid for a new parole hearing.

Kozlowski was denied parole in April 2012 on his sentence in a $100 million fraud case. He challenged the decision and a mid-level appeals court ruled Tuesday that the state parole board acted properly.

The 66-year-old Kozlowski and former Tyco International Ltd. chief financial officer Mark Swartz were convicted in 2005 of fraud and larceny and sentenced to 8 1/3 to 25 years in prison. They both have parole hearings in September.

The executives were found guilty of helping themselves to unauthorized pay after a trial that detailed lavish spending including a $2 million birthday party Kozlowski threw for his wife on a Mediterranean Island.

Kozlowski's attorney said he disagreed with the ruling and will appeal.