Ex-Tyco CFO Mark Swartz granted parole

Reuters

Oct 3 (Reuters) - Tyco International Ltd's formerchief financial officer, Mark Swartz, who is serving a prisonsentence for bilking the company, has been granted parole by theNew York parole board, his lawyer told Reuters.

Swartz, who was convicted of grand larceny and securitiesfraud in 2005, is expected to be released in January.

"Mark has been granted parole. He is grateful for thisresult and looks forward to resuming life with his incrediblefamily," Swartz attorney Charles Stillman told Reuters.

Swartz was chief financial officer of the industrialconglomerate from 1995 through 2002. He was indicted inSeptember 2002 and convicted in June 2005. Besides the prisonsentence, he paid $72 million in court-ordered restitution andfines.

Bloomberg first reported that Swartz had been grantedparole.

In July, former Chief Executive Dennis Kozlowski, who wasalso convicted along with Swartz, was denied a bid for a newparole hearing by a New York state appeals court.

Swartz and Kozlowski are serving sentences of 8-1/3 years to25 years.

Kozlowski is scheduled to appear before the parole board in December, according to online records of the New York Departmentof Corrections and Community Supervision. ()

The department could not immediately be reached for commentby Reuters outside of regular U.S. business hours.

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