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Kozlowski, a face of corporate greed, to be freed on parole

Former Tyco CEO Dennis Kozlowski, center, leaves court with his wife, Karen, right, in New York, Friday, June 17, 2005.
Former Tyco CEO Dennis Kozlowski, center, leaves court with his wife, Karen, in New York, June 17, 2005. He is set to be freed on parole in January after serving time for fraud.GREGORY BULL / AP

Dennis Kozlowski, whose $16,000 shower curtains and extravagant Mediterranean birthday party came to symbolize corporate greed, has almost done his time behind bars.

A New York state parole board has agreed to release the former Tyco chief executive on parole after he served prison time for his conviction in a $134 million corporate fraud case.

Corrections department spokeswoman Linda Foglia said on Tuesday that Kozlowski's release is scheduled for Jan. 17.

That follows the October release of the security systems company's former chief financial officer, Mark Swartz.

Both were in the state's work-release program.

Defense attorneys say the men collectively paid $134 million in restitution to Tyco and $105 million in fines to the state after their 2005 convictions.

They were sentenced to 8 1/3-to-25-years in prison for 22 counts of grand larceny, conspiracy, falsifying records and violating business law.

Kozlowski, now 67, and Swartz were accused of giving themselves illegal bonuses and forgiving loans to themselves. 

Kozlowski became notorious for his extravagant lifestyle, supported by the booming stock market of the late 1990s and early 2000s. His New York City apartment reportedly included $6,000 shower curtains and $15,000 "dog umbrella stands."

According to Forbes magazine, Kozlowski also purchased several acres in a private gated community in Boca Raton, Florida, while he was CEO at Tyco International. He also purchased a multi-million dollar oceanfront estate on the island of Nantucket.

Tyco paid $1 million (half of the $2 million bill) for the 40th birthday party of Kozlowski's second wife, Karen. The extravagant party, held on the Italian island of Sardinia, featured an ice sculpture of Michelangelo's David urinating Stolichnaya vodka, and a private concert by Jimmy Buffett.