Richard Scrushy, founder and former chief executive at HealthSouth Corp., is on trial on fraud charges and awaiting a jury verdict in federal court in Birmingham, Ala. And former Enron Corp. executives Kenneth Lay and Jeffrey Skilling are scheduled to go on trial early next year.

A state court jury deliberated over 11 days before returning the verdict on Kozlowski, 58, and Swartz, 44. Both were convicted of grand larceny, falsifying business records, securities fraud and other charges.

The verdict came after a four-month trial, the second for both men, in Manhattan state Supreme Court. They now face up to 30 years in prison — the maximum sentence under the law, prosecutors said.

Kozlowski and Swartz were allowed to remain free on $10 million bail apiece pending an Aug. 2 pre-sentencing hearing.

The pair had testified they were unaware of any wrongdoing when they accepted enormous corporate bonuses and hefty loans that were later forgiven by Tyco. Both indicated they would appeal the verdict.

Their disappointed wives sat in the courtroom, their heads hanging, as the jury foreman intoned guilty verdict after guilty verdict — 22 for each. Kozlowski and Swartz were each acquitted of just a single charge.

"We are disappointed, and we will deal with this on appeal," promised Swartz's attorney, Charles Stillman. Kozlowski's attorney, Stephen Kaufman, said outside the courthouse, "We're very disappointed by this verdict."

The defendants both left the courthouse through a back door, climbed into waiting cars and left without comment.

The first trial of Kozlowski and Swartz ended with a judge declaring a mistrial in April 2004 because a juror, identified by a newspaper as a holdout for acquittal, received a menacing telephone call and letter.

Kozlowski and Swartz were accused of enriching themselves by nearly $600 million by taking unauthorized pay and bonuses, abusing loan programs and selling their company stock at inflated prices after lying about Tyco's finances.

Often, prosecutors said, the defendants hid their alleged thefts by failing to disclose the bonuses and loan forgivenesses in company prospectuses and federal filings, and bought the silence of underlings with outsized compensation.

Both used Tyco's money to buy extravagant lifestyles that featured art, jewelry and real estate, prosecutors said. An example of that spending was the gaudy $2 million toga party Kozlowski threw for the 40th birthday of his wife, Karen, on the Mediterranean island of Sardinia, they said. Tyco paid about half of the party's cost.

Kozlowski became the object of ridicule after it was revealed that the furnishings at his Manhattan apartment included a $6,000 shower curtain and other extravagances that brought the value of the place to more than $30 million.

The prosecution's emphasis in the first trial on such lavish spending was pared in the second.