Former Tyco chief executive L. Dennis Kozlowski, convicted of financial crimes in 2005 and sentenced to up to 25 years in prison, has been denied parole in his first bid for an early release.
A state board ruled that releasing him now would tend to minimize his corporate crimes and affect public safety, USA Today reported.
"This panel concludes that discretionary release is not presently warranted due to concern for the public safety and welfare," the New York Daily News cited a three-member state parole board panel wrote in its decision.
Kozlowski and Tyco’s ex-finance chief Mark Swartz defrauded their firm out more than $150 million in unauthorized bonuses and loans.
Kozlowski's lavish spending included a $6,000 gold-threaded shower curtain and a $15,000 umbrella stand shaped like a small terrier, the Associated Press reported.
A $2 million birthday party he threw for his wife on the Mediterranean island of Sardinia featured an ice sculpture of Michelangelo's David urinating vodka, the Daily News added.
Kozlowski is "deeply disappointed," the AP quoted his lawyer, Alan Lewis, as saying.
"Respectfully, he does not agree that his parole would compromise public safety," Lewis said.
Dennis Kozlowski is serving his sentence in Lincoln Correctional facility situated on the northern edge of Central Park as part of a work release program.
He is serving as a financial consultant for a non-profit organization helping ex-convicts.
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