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Sentencing for two former top Tyco International executives convicted of stealing hundreds of millions of dollars from the company has been postponed while lawyers prepare to argue how much money they must repay. Former Tyco CEO L. Dennis Kozlowski and Mark H. Swartz, former finance chief of the company, were scheduled for sentencing today, then Sept. 16, and now Sept. 19 by agreement among the lawyers and the judge. Prosecutors, defense lawyers and the defendants are still expected in court today for arguments that will likely include issues about how much the defendants will have to pay in penalties and restitution. Swartz’ lawyer, Charles Stillman, said state Supreme Court Justice Michael Obus will have to decide which offenses call for fines and restitution, and how much. “To do this, he might have to hold a hearing,” Stillman said. Kozlowski, 58, and Swartz, 44, were each convicted June 17 on 22 counts of grand larceny, falsifying business records, securities fraud and conspiracy related to their alleged theft of nearly $600 million. They face up to 30 years in prison. After a four-month trial in state Supreme Court, Kozlowski and Swartz joined Martha Stewart, WorldCom’s Bernard Ebbers, and several others on a list of recently convicted major corporate figures. The jury deliberated 11 days before returning 22 guilty verdicts out of 23 counts for each defendant. Each was acquitted of a single count of falsifying records about company loans for homes in Boca Raton, Fla. Kozlowski, employed by Tyco from 1975 until 2002, and Swartz, who joined Tyco in 1991 and left in 2002, both testified they never stole anything from Tyco or received anything from the company to which they were not entitled. 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. Copyright 2005 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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