The Securities and Exchange Commission settled a case against two former Xerox Corp. executives, banning them from practicing as accountants for their alleged role in accounting fraud at the company.
According to the agency, Barry Romeril, Xeroxâ€™s former chief financial officer, was permanently barred Monday from working as an accountant. Gregory Tayler, the companyâ€™s former director of accounting policy, was suspended for three years with the right to reapply for reinstatement.
Both men settled the action without admitting or denying any wrongdoing. Both agreed June 5 to pay almost $5.5 million in fines and interest to settle a civil fraud case.
The SEC alleged the defendants misled investors about Xeroxâ€™s earnings to inflate its stock price. As a result, the SEC said, the executives benefited from higher compensation and higher prices for personal sales of stock.
Romeril directed or allowed lower ranking individuals in the financial department to make accounting adjustments to accelerate revenue and increase earnings, the SEC said.
Last year, Xerox paid a $10 million civil fine, the largest ever at the time, to settle complaints relating to the same matter.