Tomo Razmilovic facts for kids
Quick facts for kids
Tomo Razmilovic
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Razmilovic, in 1994; with signature; as shown on a U.S. Postal Inspection Service wanted poster.
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| Born | 31 May 1942 |
| Citizenship | Sweden |
| Criminal status | Indicted |
| Criminal charge | Securities fraud, conspiracy to commit securities fraud |
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Reward amount
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US$100,000 |
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Capture status
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Fugitive |
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Wanted by
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U.S. Postal Inspection Service |
| Wanted since | 28 May 2004 |
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Time at large
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21 years |
Tomo Razmilovic (born 31 May 1942) is a businessman from Sweden, originally from Croatia. He used to be the main boss, or CEO, of a company called Symbol Technologies, located in Long Island, New York. He is believed to have been the leader of a big plan to cheat with the company's money and sales numbers. This cheating eventually caused the company to lose its independence.
Today, the United States government considers him a person who is wanted by the law but has not been caught. The U.S. Postal Inspection Service is offering a $100,000 reward. This money would go to anyone who provides information that helps find and arrest him.
Contents
Early Life and Education
Tomo Razmilovic was born in Split, a city in what was then Yugoslavia (now Croatia). He went to the University of Zagreb to study electrical engineering. Later, he studied management at the Hammond Institute in Sweden. He became a citizen of Sweden in 1971.
Career at Symbol Technologies
Razmilovic joined Symbol Technologies in 1989. He started as a Senior Vice President, which is a high-level manager. By 1993, he was in charge of all worldwide sales and service. In 1995, he became the president and chief operating officer. This meant he helped run the company's daily operations.
In 2000, he took over as CEO from the company's founder, Jerome Swartz. Before joining Symbol, he had been a leader at other computer companies. In 2002, he suddenly left Symbol Technologies. This happened while the Securities and Exchange Commission (SEC) was looking into the company's money records.
Financial Misconduct Allegations
On May 28, 2004, a special order for Razmilovic's arrest was issued by a court in Brooklyn, New York. The U.S. Postal Inspection Service says he is wanted for organizing a large plan to cheat with the company's money. This plan caused investors to lose more than $200 million.
On June 3, he was officially accused of wrongdoing along with seven other former Symbol executives. Investigators believe Razmilovic was the main person behind a plan to make the company's sales and profits look much bigger than they actually were. This involved several ways of faking numbers. For example, they would record sales to other businesses as if they were final sales to customers. They also sold products to distributors without real customer orders, sometimes even buying the products back later.
Some former executives who admitted their part in the scheme said that Razmilovic was the leader. It was also found that Razmilovic had been forced to leave a previous company, Cominvest, because of similar problems with their financial records.
Impact on Symbol Technologies
Symbol Technologies found out about the financial problems in the summer of 2002. The company then worked with the authorities to investigate. In late 2002, Symbol had to correct its financial reports for almost four years, from 1998 to 2001. This correction showed that the company had overstated its income by $234 million and its profits by $325 million.
The company also had to pay $37 million to settle the SEC's accusations. It paid another $138 million to settle lawsuits from shareholders. Symbol Technologies never fully recovered from this. In 2007, it had to join with another company, Motorola.
Life as a Fugitive
Tomo Razmilovic was not heard from for some time after leaving Symbol. In 2004, news organizations found him living in a small town in Sweden. He quickly went back to Sweden, where he is a citizen. He said he would not get a fair trial in the United States.
In 2008, Forbes magazine listed Razmilovic as one of the "World's Most Wanted White-Collar Fugitives." This means he was one of the most wanted people for financial wrongdoing.
In 2009, the SEC won a judgment against Razmilovic because he did not appear in court. In 2011, a judge ordered Razmilovic to return $41.7 million that he gained illegally. He also had to pay a $20.8 million fine. With added interest, this amount could be as much as $47 million. He is also not allowed to ever work as a leader or director for a public company again. In 2014, prosecutors tried to get $12 million that they believed Razmilovic had hidden in a bank account in Switzerland.
Razmilovic has always said he is innocent. In a 2013 interview, he even asked for an apology from the investigators and news reporters. He has stated that he does not plan to return to the United States to face the accusations. Sweden will not send Razmilovic to the United States because it does not send people accused of financial crimes to countries outside the European Union.
See also
- List of fugitives from justice who disappeared
