Tyco Executive Charged With Filing False Tax Return
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A former Tyco International tax executive surrendered Monday on charges that he filed a false company tax return in 1999 that failed to report about $170 million in income.
Raymond Scott Stevenson, of Delray Beach, Florida, pleaded not guilty to the single charge, which carries a maximum sentence of three years in prison and a $250,000 fine.
Mr. Stevenson was the company’s top tax adviser in 1999 when he allegedly oversaw a series of transactions intended to reduce its state tax liability. That caused a capital gain of $170 million for Tyco that was not reflected on its tax return that year, prosecutors said. It was not immediately clear if he had hired a lawyer.A spokeswoman for Tyco did not immediately return calls seeking comment.
Mr. Stevenson’s alleged misdeeds occurred during the tenure of former Tyco Chief Executive Dennis Kozlowski, who, along with former Chief Financial Officer Mark Swartz, was convicted last year in a New York state court on multiple counts of grand larceny, conspiracy, securities fraud, and falsifying business records.
Prosecutors said the two conspired to defraud Tyco of millions of dollars to fund their extravagant lifestyles. They were sentenced in September to up to 25 years in prison.