[ by Melanie Gretchen ] Dennis Kozlowski, once CEO of Tyco International, was denied early release from prison by a NY state parole board.  Despite his clean prison disciplinary record and the receipt of a merit certificate since his 2005 conviction, the 3-member board said his release would not be "compatible with the welfare of society at large, and would tend to deprecate the seriousness" of his offenses. Kozlowski's Past: The Fall of Rome. Kozlowski was convicted on crimes related to his receipt of $81 million in purportedly unauthorized bonuses, the purchase of art for nearly $15 million and the payment by TYCO of a $20 million investment banking fee to Frank Walsh, a former Tyco director.  It was, however, Kozlowski's infamous birthday bash for his second wife, Karen, disguised as a shareholder meeting for corporate funding, that had the greatest impact on his TYCO legacy - referred to as "the Tyco Roman Orgy." Serving Time. Since 9/19/05, Kozlowski has been serving an 8 year-4 month to 25 year prison sentence.  In its deliberation for early parole, the board considered Kozlowski's risk to the community, rehabilitation efforts, and his needs for successful reintegration into the community, among other things. To his credit, on 1/31/12, he was moved from a medium-security prison upstate to the Lincoln Correction Facility, a minimum-security prison on the north edge of Central Park in New York City.  Since mid-February, he has been participating in a work-release program.  He will next be eligible for early release in September of 2013. For further details, go to [Dealbook, /4/5/12].