A former executive of Tyco was sentenced to three years in prison today for falsifying the manufacturing conglomerate's 1999 tax return to evade up to $60million in taxes.
Raymond Scott Stevenson was Tyco's vice president in charge of taxation and oversaw preparation of its 1999 corporate tax return from the company's executive offices in Boca Raton, Florida.
US Attorney Alex Acosta said Stevenson's sentencing followed a plea agreement entered in September, when he acknowledged he deliberately failed to report more than $170 million of income on Tyco's 1999 federal return.
That income would have added as much as $60 million to the company's tax bill, Mr Acosta said in a statement.
"Today's prison sentence is a reminder that tax laws apply equally to everyone. Corporations and individuals alike have a responsibility to contribute to the national fisc (treasury)," Acosta said.
Tyco's disgraced former chief executive Dennis Kozlowski is serving a sentence of up to 25 years for his role, along with former finance chief Mark Swartz, in looting more than $150 million from the company.