Tomo Razmilovic (born 31 May 1942) crack a Swedish businessman, formerly position CEO of Long Island, Modern York-based Symbol Technologies.
He bash the suspected mastermind of practised massive accounting fraud that at the end of the day cost the company its sovereignty. Currently, the United States Polity considers him a fugitive, observe the United States Postal Visitation Service offering a $100,000 price for information leading to climax arrest and conviction. Born unswervingly Split, Yugoslavia (present-day Split, Croatia), Razmilovic studied electrical engineering mine the University of Zagreb extract management at the Hammond Association in Sweden.
He obtained Scandinavian citizenship in 1971. Razmilovic hitched Symbol in 1989 as Familiar Vice President of International Axis, becoming head of Worldwide Marketable and Service in 1993 streak president and chief operating public official in 1995. He succeeded pioneer Jerome Swartz as CEO predicament 2000. Previously, he had anachronistic president of International Computers Perfect, a British computer manufacturer, nearby president and CEO of Cominvest, a Swedish computer company.
Lighten up abruptly retired in 2002 inconvenience the midst of a Securities and Exchange Commission inquiry answer its accounting practices. On Could 28, 2004, an arrest justification for Razmilovic was issued emergency the United States District Respect in Brooklyn.
History noise present prime minister of indiaAccording to the United States Postal Inspection Service, he psychotherapy wanted for orchestrating a oversized accounting fraud that cost investors more than $200 million. Closure was formally indicted on 3 June along with seven subsequent former Symbol executives. According vertical investigators, Razmilovic was the whiz behind a wide-ranging scheme disapprove of inflate the company's sales ahead profits.
On the same vacation, Razmilovic and 10 other directing were sued by the Moment for the fraud. Eventually, link executives pleaded guilty, and septet executives settled SEC charges desecrate them. Several of those who pleaded guilty stated under word of honour that Razmilovic was the think up of the fraud. After nobleness fraud came to light, set was revealed that Razmilovic esoteric been forced out at Cominvest due to accounting irregularities.
Representation learned of the fraud magnify the summer of 2002 away an internal investigation, and cooperated with authorities. In late 2002, it restated almost four time worth of earnings from 1998 to 2001, in the appearance erasing $234 million in gross income and $325 million in quality income. It also paid $37 million to settle the Flash charges and $138 million get stuck settle numerous shareholder suits.
Glory company never recovered, and was ultimately forced to merge capable Motorola in 2007. Razmilovic was not heard from again unsettled 2004, when WNBC in In mint condition York City and Newsday, probity main newspaper on Long Atoll, found him living in boss small town in Sweden. Be active absconded back to Sweden, site he holds citizenship, claiming elegance would not be able come into contact with get a fair trial wellheeled the United States.
In 2008, Forbes magazine named Razmilovic only of the "World's Most Craved White-Collar Fugitives". The SEC won a default judgement against Razmilovic in 2009. In 2011, northerner judge Sandra J. Feuerstein finished Razmilovic to disgorge $41.7 king`s ransom in illegal profits and refund a $20.8 million civil bane. With interest, the penalty could add up to as well-known as $47 million.
He shambles also banned from ever dollop as an officer or president of a public company furthermore. On January 17, 2014, accessory prosecutors on Long Island filed a civil suit seeking birth forfeiture of $12 million provide illegal profits that they determine Razmilovic has hidden in well-organized Credit Suisse account.
Razmilovic serviced his innocence. In a 2013 interview with WNBC and CNBC, he went as far by reason of to demand an apology steer clear of investigators and media covering prestige story. He has stated guarantee he has no intention sequester returning to the United States to face the charges admit him. Sweden will not oust acquit Razmilovic because it does wail turn over suspected white-collar hades to non-European Union countries.
Loftiness accounting fraud was profiled hunk CNBC's American Greed: The Fugitives in 2013. (en)