Kozlowski Could Do Jail Time If Convicted on Tax Charges

Tyco's(TYC Quote) former CEO Dennis Kozlowski could go to jail for four years if convicted of evading more than $1 million in personal sales taxes in New York. Kozlowski was indicted on the charges Tuesday, according to Manhattan district attorney Robert Morgenthau.

Kozlowski bought six paintings worth $13.2 million and had them shipped to Tyco's headquarters in New Hampshire allegedly to avoid paying New York sales tax. The paintings, which include Old Masters and Impressionists, were later returned to his home on Fifth Avenue. ...