Now what is happening to Kenny Boy hands-in-W's-front-pockets Lay?
Kozlowski, 58, and Swartz, 44, were each found guilty of 22 counts of grand larceny, conspiracy, fraud and falsifying business records. Both former executives were found not guilty on one charge of falsifying documents.
The two were grim-faced but stoic as the convictions were read. Kozlowski's wife had tears in her eyes.
"We are disappointed and will deal with this on appeal," said Swartz's attorney, Charles Stillman. Kozlowski's lawyer, Stephen Kaufman, affirmed that his client would also appeal. Asked whether he was surprised by the verdict, Kaufman said, "surprise would be the understatement."
Both men could be sentenced to 25 years in a state prison on the most serious charge of grand larceny. Judge Michael Obus set a follow-up hearing for Aug. 2 to discuss sentencing.
Swartz and Kozlowski will remain free on bail, and are not considered a flight risk, according to the judge.
"This verdict is an endorsement of the principle of equal justice under the law," said Manhattan District Attorney Robert Morgenthau. "Crimes committed in corporate offices will be treated according to the same standards as other crimes."