Tomo Razmilovic in 1994
In February 2000, Croatian born, Swedish citizen, Tomo Razmilovic became Presdient and CEO of Long Island-based Symbol Technologies, Inc., a bar code technology company, where he had been employed since 1989.
At the time of this announcement, Razmilovic
was praised by Symbol
's founder and Chairman, Dr. Jermoe Swartz, stating that he
"is the right person to lead Symbol in the new millennium, and the Board and I want to recognize his
Razmilovic started his career with Symbol as Senior Vice President of International Operations based in the U.K.
then became Senior Vice President of Worldwide Sales and Services in 1993 and in October 1995 became President and Chief Operating Officer.
However, In February 2002, Razmilovic
resignation as President and CEO, effective in May 2002.
On June 3, 2004, the Securities & Exchange Commission filed a civil injunctive complaint against Razmilovic and ten other former executives of the company, including Kenneth Jaeggi, former CFO, Brian Burke, former SVP of Worldwide Operations and Chief Accounting Officer, Michael DeGennaro, former SVP of Finance, and Leonard Goldner, former General Counsel.
The complaint alleged that from at least 1998 until early 2003, Razmilovic
co-defendants had engaged in "numerous fraudulent accounting practices" that resulted in the overstatement of some $230 million in revenue for the company.
Also on June 3, 2004, Razmilovic
and 7 of his
alleged co-conspirators were indicted on fraud charges and sought the forfeiture of $74 million from the group.
An arrest warrant had been issued on May 28, 2004 for Razmilovic
by the Court.
fled, first to Croatia and then to Sweden, neither of which have extradition treaties with the United States.
To date, Symbol
itself has paid out civil penalties of $138 million to settle civil fraud charges.
reportedly resides with his
Swedish wife, Anna, in Bussevik, Sweden and remains a fugitive from US authorities as of this writing.