Washington (July 10, 2003) -- The Securities and Exchange Commission has banned two former Xerox executives from practicing as accountants as a result of their respective roles in the high-profile accounting fraud at the Stamford, Conn.-based copier conglomerate.
The regulator barred former Xerox chief financial officer Barry Romeril from working as an accountant, and suspended former accounting policy director Gregory Tayler for three years. After that period, Tayler can apply for reinstatement.
In June, the pair agreed to pay roughly $5.5 million in fines and interest to settle a civil fraud case.
The SEC charged that Romeril and Tayler artificially inflated the company’s stock price – resulting in their benefiting from selling shares at higher prices.
-- WebCPA staff
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