TODAY'S PAPER
63° Good Afternoon
63° Good Afternoon
Long IslandSuffolk

Feds seek $12M from fugitive LI tech exec

Tomo Razmilovic, former chief executive of Symbol Technologies,

Tomo Razmilovic, former chief executive of Symbol Technologies, fled to Sweden in 2004 to avoid a $200-million securities fraud case. (Aug. 8, 2001) Photo Credit: Newsday File / Don Jacobsen

Federal prosecutors in Central Islip filed a suit Friday seeking $12 million that fugitive former Symbol Technologies boss Tomo Razmilovic and his wife allegedly secreted in accounts in Switzerland.

Razmilovic, who has been hiding out in Sweden since being charged in a $200 million accounting fraud case in 2004, is accused of hiding some of his ill-gotten gains in accounts at Credit Suisse in the name of his wife, Anna-Christina Razmilovic.

"Razmilovic took advantage of the artificially inflated price of Symbol's stock and made millions of dollars of profits as a result of engaging in improper insider trading . . . " the government said. " . . . Approximately $12 million of the fraud proceeds can be traced" to Credit Suisse.

Jeff Coopersmith, a Seattle lawyer who represents Razmilovic, declined to comment on the new lawsuit -- a so-called in rem action seeking forfeiture that is filed against the money and accounts themselves.

The now-defunct Symbol Technologies, a Holtsville company, was best known for its work developing bar-code scanners.

When Razmilovic and other executives were charged with cooking the books to boost stock prices -- profiting from insider trading as well as artificially inflated bonuses and severance -- federal prosecutors said the fraud was "breathtaking in its scope."

Sweden, where Razmilovic and his wife have citizenship, has refused to extradite him. In public statements, he has said he was the innocent victim of a "witch hunt."

In 2011, a federal judge ruled in a lawsuit brought by the Securities and Exchange Commission that Razmilovic owed more than $40 million in ill-gotten gains from his tenure at Symbol, as well as $20.8 million in penalties.

A spokesman for Brooklyn U.S. Attorney Loretta Lynch declined to comment on the suit, as did a spokesman for Credit Suisse.

Latest Long Island News