Jurors continue to deliberate in Tyco trial

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Jurors were on Friday still deliberating charges against Dennis Kozlowski and Mark Swartz, the two former top Tyco executives accused of looting money from the US conglomerate over a period of years.

Mr Kozlowski, Tyco’s former chief executive, and Mr Swartz, a former chief financial officer, face charges in a New York Supreme Court that include securities fraud, falsifying business records, conspiracy and grand larceny.

The men have pleaded not guilty to charges that could carry a 25-year state prison sentence.

The two are accused of constructing a web of lies to deceives Tyco’s board and shareholders while stealing $150m from the company. Prosecutors also claim the men gained more from $575m in share transactions carried out under false pretences.

Charged in 2002 for ‘looting’ Tyco, a previous trial ended in April last year in a mistrial after one juror received a threatening letter and phone call.

The trial is one of a number still in progress in which the US government is trying to prosecute former board chiefs accused of alleged corporate wrongdoings.

Jurors in the accounting fraud trial of Richard Scrushy, founder of HealthSouth, were on Friday in their tenth day of deliberations.

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