Sen. Ted Stevens, R-Alaska, the ranking member of the Senate Commerce Science and Transportation Committee, was indicted Tuesday on seven charges of making false statements in financial disclosure forms, the Justice Department said.

According to the Department of Justice, Stevens engaged in a scheme to conceal receipt of more than $250,000 in gifts from the VECO Corporation, a multi-national oil company based in his home state.

The Ethics in Government Act requires all members of the U.S. Senate to disclose gifts and liabilities in excess of $10,000.

Stevens served as Chairman of the Senate Commerce Science and Transportation Committee from 2005 to 2007. His office did not return a phone call seeking comment.

Ari Natter, Traffic World