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Runaway Yacht Once Owned By 'American Greed' Convict Grounded In Mamaroneck

A runaway yacht grounded near Mamaroneck Beach & Yacht Club reportedly once was owned by a jailed CEO from Tyco.
A runaway yacht grounded near Mamaroneck Beach & Yacht Club reportedly once was owned by a jailed CEO from Tyco. Photo Credit: Ken Varga
Another view of the "ghost yacht" formerly moored near Hen Island in Rye. It broke loose from its moorings during a recent rainstorm and ran aground at Mamaroneck Beach & Yacht Club. It's since been towed away, according to the local dock master.
Another view of the "ghost yacht" formerly moored near Hen Island in Rye. It broke loose from its moorings during a recent rainstorm and ran aground at Mamaroneck Beach & Yacht Club. It's since been towed away, according to the local dock master. Photo Credit: Ken Varga

MAMARONECK, N.Y. -- A runaway yacht that got grounded on rocks near Mamaroneck Beach & Yacht Club was once owned by a Tyco International CEO featured on the CNBC show "American Greed."

Ken Varga tipped Daily Voice off to what he dubbed "the ghost yacht," reminiscent of a haunting image from "Pirates of the Caribbean."

The unfinished 100-foot vessel had been moored for several years near Hen Island in Rye, but broke free during a recent rainstorm, according to James Hamlett, dock master at the Mamaroneck club.

"I don't know how it came loose," Hamlett said, noting the high tide following Thursday's high winds carried the craft to a rocky stretch of shoreline near Mamaroneck Harbor.

Hamlett estimated the yacht could be worth $15 million to $20 million if $6 million to $7  million was invested in its overhaul.

It's unclear how or when convicted Tyco CEO L. Dennis Kozlowski was credited with owning the wayward craft. But it is clear Kozlowski had a rocky decade of his own including serving more than six years of federal prison time for $137 million in lavish spending. Kozlowski, now 69, was once labeled a poster boy for corporate greed. He was sentenced in 2005 to 8-1/3 to 25 years in prison after being convicted on grand larceny, securities fraud and other federal charges.

Here are just two of many national profiles on Kozlowski, in The Wall Street Journal and after his release in Fortune magazine.

Kozlowski served the rest of his sentence in a state work-release program in Manhattan, and then became active with a non-profit that helps prisoners transition back into society and the work place.

Kozlowski's lavish spending as a chief executive officer included throwing a $2 million birthday party in 2001 for his former wife , Karen, and buying a $6,000 shower curtain. Kozlowski was accused of authorizing unauthorized bonuses at Tyco, of abusing the corporation's loan programs and of selling more than $400 million in inflated stock.

“I was living in a CEO-type bubble,” Kozlowski told the New York state parole board in April 2012. “I had a strong sense of entitlement at that time ... and I stole a lot of money.”

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