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Xerox staff won't be charged by SEC related to accounting issues

Rochester Business Journal
August 28, 2014

Neither Xerox Corp. nor its Affiliated Computers Services Inc. business will receive charges related to accounting issues against them from the Securities & Exchange Commission, an SEC filing reports.

The company and its business operation have been under investigation for certain accounting practices at ACS, which was acquired by Xerox in 2010 and is now part of Xerox’s services’ business. 

As previously disclosed, Lynn Blodgett, Xerox executive vice president, and two other individuals each received a notice from the SEC staff in connection with the matters that are the subject of the investigation.

The SEC announced Thursday that Blodgett had agreed to resolve civil charges related to the reporting, books and records and internal control provisions of the Securities Exchange Act of 1934. The charges did not include any allegation of fraud.

Without admitting or denying the factual findings of the SEC, Blodgett agreed to pay $412,732 to settle the SEC’s charges, plus a penalty of $52,000, the filing showed. The settlement does not restrict Blodgett’s ability to serve as an officer or director of a public company.

The SEC also announced that one of the other individuals who received an SEC notice, a former employee, had also agreed to resolve civil charges related to the reporting, books and records and internal controls provisions of the Exchange Act. The charges did not include any allegation of fraud. Without admitting or denying the factual findings of the SEC, the former employee agreed to pay $156,595 to settle the SEC’s charges, plus a penalty of $52,000.

The SEC investigation was resolved without any charges being brought against the third individual who received a Wells notice, a current employee, the filing stated.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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