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NY to free ex-Tyco executive Kozlowski to parole

Former Tyco chief executive L. Dennis Kozlowski
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Former Tyco chief executive L. Dennis Kozlowski

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

Corrections department spokeswoman Linda Foglia says 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.

(Watch: Party's Over: Tyco's Kozlowski)

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.

—By Associated Press.