ArticleXeroxCBC - $10 million US civil penalty the biggest...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Former Xerox executives may be charged in accounting probe Last Updated: Wednesday, April 10, 2002 | 2:13 PM ET CBC News A pair of former executives at Xerox Corp., the world's largest copier firm, may face civil charges as part of the U.S. Securities and Exchange Commission's investigation into alleged accounting fraud at the company. A report in Wednesday's Wall Street Journal said former Xerox chairman Paul Allaire, who retired at the end of 2001 after a decade in the job, and former CFO Barry Romeril have been told by the SEC they may face charges. The two men are among a half-dozen people warned by the regulator. A KPMG partner, Michael Conway, was also notified. KPMG was Xerox's auditing firm until it was fired six months ago. On April 1, Xerox agreed to revise financial statements between 1997 and 2001 and pay a
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $10 million US civil penalty, the biggest fine in an SEC investigation of financial reporting. The revision would see Xerox change the way it books lease revenue and could ultimately see a reallocation of $2 billion US in revenues for 1997 to 2000. The settlement must still be approved by the SEC. The investigation into allegations that the company prematurely booked revenues dates back to June 200. Just yesterday, David Duncan pleaded guilty to charge of obstruction of justice in another accounting scandal. Duncan was the lead auditor for Arthur Andersen on the Enron file. He said he persuaded Andersen employees to destroy documents and wipe out emails related to Enron....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online