Former Executive Joins Most Wanted List

Getting your picture on the wall in the post office is not usually a time for celebration. For Tomo Razmilovic, the disgraced former president and CEO of Symbol Technologies Inc., the Holtsville, NY bar code scanner company, it simply means he is in no hurry to return to his former
home in the United States.

"I still believe in the American judicial system," the 62-year-old Mr. Razmilovic said in a statement reproduced in, "but I'm starting to have doubts. That's why I'm staying in Sweden." Mr. Razmilovic, a Swedish citizen, relocated to Sweden after being indicted on securities fraud charges in May 2004.

Mr. Razmilovic was appointed CEO of Symbol Technologies in February 2000, having joined the company in 1989 as senior vice president of international operations and moved up the ranks for more than a decade. He took early retirement from the company two years later.

The former CEO has been charged with 13 counts of securities fraud and conspiracy to commit securities fraud resulting from a scheme to cheat investors out of over $200 million by manipulating financial results by inflating revenue and earnings. Several other Symbol executives were also charged in the conspiracy.

The Securities and Exchange Commission charged the group with engaging in a "Tango Sheet" process which included baseless accounting entries made to conform the raw quarterly results to management projections, fabrication and misuse of restructuring and other non-recurring charges, channel stuffing and other revenue recognition schemes, and manipulation of inventory levels and accounts receivable data. Mr. Razmilovic and four other executives were charged with directing the fraud.

According to a report in the New York Post, Mr. Razmilovic claims he is innocent of the charges and plans on staying in Sweden because he doesn't believe he will get a fair trial. The U.S. treaty with Sweden doesn't require Sweden to extradite Swedish nationals, however the U.S. government can make a formal request that Sweden either extradite him or prosecute him in Sweden. A warrant for Mr. Razmilovic's arrest has been issued in the U.K. by the international police agency, Interpol.

After posting the Most Wanted notice announcing a $100,000 reward for information leading to the arrest and conviction of Mr. Razmilovic, John McDermott, supervisor of the U.S. postal inspection service's Hicksville fraud team, said, "We feel we owe it to the stockholders of Symbol." You can view the Wanted poster that now appears in all U.S. post offices.

You may like these other stories...

Being an accountant doesn't mean you're giving investment advice to clients. However, at tax time, accountants often have to deal with the results of any investment advice clients obtained during the year—the...
Anti Burger Kings: Seven US companies shrinking tax the old-fashioned wayBurger King’s decision to combine with Canadian donut shop Tim Hortons is renewing controversy over the lengths some US companies will go to...
A new report released on Tuesday found that the US airline industry receives nearly $1 billion in tax breaks annually from states for jet fuel.The study, conducted by UNITE HERE International Union, a labor union that...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.