The New York Parole Board stood its ground last week when it denied parole to former Tyco International Ltd. CEO Dennis Kozlowski.

In 2005, Kozlowski was convicted of grand larceny, securities fraud and conspiracy. The 65-year-old ex-CEO swindled his company out of $137 million through unauthorized bonuses and sold more than $400 million in inflated stock. Kozlowski is serving a sentence of between 8 1/3 years and 25 years, of which he has so far served six years.

On Thursday, New York’s Department of Corrections said the state’s Parole Board denied Kozlowski parole, reasoning that his release would “deprecate the seriousness” of his crimes and “undermine respect for the law.” Kozlowski will not come before the Parole Board again until April 2014.

Carter, Ledyard & Milburn Partner Alan Lewis, a prominent white-collar defense attorney who is representing Kozlowski, said in a statement that his client is “deeply disappointed” with the decision. Lewis also is representing former Crowell & Moring Associate Douglas Arntsen, who stole millions of dollars from clients’ escrow funds.