Former Tyco International Ltd. CEO L. Dennis Kozlowski has lost a bid to get out of the New York prison where he's serving time for taking millions of dollars in unauthorized bonuses.
The state Parole Board said in a decision Thursday that his release now "would not be compatible with the welfare of society at large." The board said his conviction represented a "glaring violation of trust" in a CEO of the public security-systems company.
Defense lawyer Alan Lewis says the former executive is "deeply disappointed." The Manhattan district attorney's office had no immediate comment.
Kozlowski was convicted in 2005. He was sentenced to 8 1/3 to 25 years in prison.
He has maintained the trial was flawed. The state's highest court, the Court of Appeals, has upheld the conviction.