Dennis Kozlowski, the former head of Tyco, and Mark Swartz, his chief financial officer, were on Monday sentenced to at least eight years in prison for stealing $150m and fraud while at the US conglomerate.

The two men were also ordered to pay about $240m in penalties and restitution. A New York state court Judge Michael Obus ordered them to repay $134m to Tyco for stealing a string of unauthorised bonuses and compensation between 1999 and 2001 - $97m from Mr Kozlowski and $37m from Mr Swartz. The court also fined Mr Kozlowski $70m and Mr Swartz $35m.