WASHINGTON (Bloomberg) — Former Tyco International Ltd. executives Dennis Kozlowski and Mark Swartz, convicted in 2005 of defrauding shareholders of more than $400 million, agreed to be barred from serving as officers or directors of a public company, the US Securities and Exchange Commission said.

The settlement closes the SEC's case alleging the two executives failed to disclose hundreds of millions of dollars in loans and compensation they granted themselves from 1996 to June 2002, the regulator said today. Kozlowski and Swartz didn't admit or deny the allegations.

Kozlowski, Tyco's former chairman and chief executive officer, and Swartz, the company¿s ex-finance chief, paid about $134 million in restitution to Tyco and fines of $70 million and $35 million, respectively, in the criminal case. The two executives are serving 8 ?- to 25-year prison sentences for stealing from the company and deceiving shareholders.

Kozlowski became a symbol of corporate greed as details of his spending, including a $6,000 shower curtain, $15,000 umbrella stand and a $2 million birthday party in Sardinia for his wife, were made public. He and Swartz were accused of awarding themselves and others more than $150 million in unauthorised bonuses, and defrauding investors of more than $400 million.

The US Supreme Court last month rejected a joint appeal of the convictions, letting stand a New York state court ruling that Kozlowski and Swartz weren't entitled to review interview notes taken during an internal company investigation. The joint appeal by Kozlowski and Swartz contended they were deprived of their constitutional right to present a defence.