Former Tyco CEO L. Dennis Kozlowski on Thursday lost a bid to get out of the prison where he's serving time in one of the corporate world's most notorious fraud cases, with parole officials calling his role in the $100-million-plus scheme a "glaring violation" of shareholders' trust.
"Your discretionary release, at this time, would thus not be compatible with the welfare of society at large, and would tend to deprecate the seriousness of the instant offenses and undermine respect for the law," the state Parole Board wrote in its decision.
Kozlowski is "deeply disappointed," said his lawyer, Alan Lewis.
"Respectfully, he does not agree that his parole would compromise public safety," Lewis said in a statement issued by his office.
The Manhattan district attorney's office opposed parole for Kozlowski but had no further comment Thursday.
The decision leaves Kozlowski, 65, behind bars until at least September 2013, when he can try for parole again.
Kozlowski and former Tyco International Ltd. chief financial officer Mark Swartz were convicted in 2005 of fraud and larceny in a case that came to symbolize corporate greed, at least for its moment.
