Jurors in the grand larceny trial of two former top executives of Tyco International Ltd. finished their eighth day of deliberations Thursday without issuing verdicts.
The jury was scheduled to resume deliberations Wednesday.
Last week jurors indicated they had reached verdicts on an unspecified number of charges in a 31-count indictment but were seeking direction from the court on how to proceed on the unresolved charges.
They are trying to decide whether L. Dennis Kozlowski, 58, Tyco’s former chief executive, and Mark H. Swartz, 44, the conglomerate’s former finance chief, enriched themselves by nearly $600 million by accepting unauthorized pay and bonuses, abusing loan programs and selling their company stock at inflated prices after lying about Tyco’s finances.
The four-month trial is the second for Kozlowski and Swartz. The judge declared a mistrial after the first trial in April 2004 because a juror, identified by a newspaper as a holdout for acquittal, received a menacing telephone call and letter.
Kozlowski and Swartz each would face up to 25 years in prison if they are convicted on just one of the grand larceny counts against them.
Jurors in the trial of two former top executives of Tyco International Ltd. received final instructions and began deliberations Thursday on whether the defendants looted the company of hundreds of millions of dollars.
The jurors, who got the case after four months of trial, must decide whether L. Dennis Kozlowski, 58, Tyco’s former chief executive officer, and Mark H. Swartz, 44, the conglomerate’s former finance chief, stole money from Tyco.
The jurors went home shortly after 5 p.m. Thursday without reaching a verdict. They were to resume deliberations Friday morning.
Kozlowski and Swartz are on trial in Manhattan’s state Supreme Court on 31 counts that include grand larceny, falsifying business records and securities fraud. They each would face up to 25 years in prison if convicted on just one of the grand larceny counts.
They are accused of illegally enriching themselves by more than $500 million by taking unauthorized pay and bonuses, abusing loan programs and selling their company stock at inflated prices after lying about Tyco’s finances.
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.
Defense lawyers also said their clients believed they were authorized to use Tyco’s money and assets as they did and never acted with criminal intent.
Justice Michael Obus told jurors that to convict Kozlowski and Swartz they had to find that the defendants intended to commit the crimes charged.
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.