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Former Tyco executive charged with dodging taxes
2006-09-11
Tyco's former tax chief surrendered to U.S. authorities on Monday on charges he falsified the manufacturing conglomerate's 1999 tax return to evade more than $50 million in taxes, federal investigators said. Florida resident Raymond Scott Stevenson was vice president in charge of taxation for Tyco International Ltd. (NYSE:TYC) and oversaw preparation of its corporate tax returns in 1999, U.S. Attorney Alex Acosta said in a news release. Stevenson worked at the company's executive offices in Boca Raton, Florida, and is accused of deliberately failing to report more than $170 million of income on Tyco's federal tax return. That income would have added $50 million to the company's tax bill, said Ellie Michaud, a spokeswoman for the IRS' criminal investigative division. Stevenson surrendered to federal authorities to face the charge on Monday and pleaded not guilty before a federal magistrate in Fort Pierce, Florida. If convicted, he faces up to three years in prison and a $250,000 fine. Michaud said the investigation was ongoing and declined to say whether the company might also face charges. Tyco spokeswoman Sheri Woodruff said the company had not seen the charges against Stevenson but that, "I have no reason to believe Tyco is at all a target of this investigation." Tyco's former chief executive, Dennis Kozlowski, is serving a sentence of up to 25 years for his role in looting $600 million from the company. (Additional reporting by Nick Zieminski in New York)
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