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NEW YORK -- Former Tyco International Ltd. Chief Executive Dennis Kozlowski and finance chief Mark Swartz were found guilty Friday of stealing more than $150 million in secretly forgiven loans and unauthorized bonuses from the company.
The jury of six women and six men returned their verdict on the 11th day of deliberations.
Both men faced 25 years in prison on the most serious charge of grand larceny.
Prosecutors said Kozlowski and Swartz defrauded the company by taking secret loans and unwarranted bonuses between 1999 and 2001.
The two also were accused of defrauding shareholders by selling $575 million in Tyco stock while misrepresenting the company's financial condition.