Allaire is said to have paid £4.5m to the SEC as part of the settlement.
Following this agreement yesterday, Lucent Technologies announced Allaire was to leave its board of directors. He was also asked to leave the board of GlaxoSmithKline following a row over director’s pay at the shareholder’s meeting last month.
GSK shareholders have held him responsible for the controversial £22m golden parachute pay for chief executive Jean-Pierre Garnier should he leave the company.
The Xerox settlement shows the SEC’s determination to hold individuals to account as it cracks down on corporate crime.
It filed charges for inflating revenue earlier this year against the six directors and Big Four firm KPMG, regarding audited results filed from 1997 to 2000.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements