According to an FBI press release, Stevens stood before a federal grand jury for his alleged eight-year scheme to hide $250,000 in valuables from VECO Corporation, which used to be a multi-national oil service company in Alaska.
Stevens allegedly held mention of these valuables from his public United States Senate financial disclosure forms. Some of the items included home improvements and money toward new cars, among others.
The charges against Stevens were originally for making false statements on his financial disclosure forms for calendar years 2001 to 2006, where he intentionally failed to report the valuables despite the requirement to do so.
In accordance with the Ethics in Government Act, all members of the United States Senate are required to file a financial disclosure form.
In the form, all senators must detail specific financial transactions that they engaged in prior to the calendar year, including gifts over a monetary amount and disclosure of liabilities over $10,000 which are owed during any point of a calendar year.
The indictment is part of an ongoing federal criminal investigation in Alaska where seven were convicted to date through the on-going investigations.
