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...

Starting in January 2015, the IRS will limit the number of refunds that are electronically deposited into a single financial account or pre-paid debit card to three, as part of the agency’s effort to crack down on...
House proposes $10.5B, eight-month highway billThe House Ways and Means Committee proposed a transportation funding bill on Tuesday that calls for a temporary extension of current transportation funding levels until May 31,...
Swiss banks threaten freeze on US accounts over tax evasionJames Shotter of the Financial Times reported on Monday that several Swiss banks have threatened to freeze American clients’ accounts unless they prove they...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.