Xerox faces fresh accounts probe
Embattled office equipment giant Xerox could face criminal charges following a second investigation of its accounting practices, this time by the US attorney's office.
An investigation by markets watchdog, the US Securities and Exchange Commission earlier this year, found that Xerox had used ‘accounting tricks, accounting actions and accounting opportunities’ to create inflated earnings.
Under the terms of the SEC settlement, Xerox agreed to restate its accounts for 1997 to 2000, adjust its 2001 results and pay a record $10m civil settlement.
Xerox neither admitted nor denied the allegations, but agreed to pay the fine. The company said it would co-operate fully with the new investigation.
An audit carried out by PwC in June found that Xerox had exaggerated its figures for the past five years by £3.9bn