NewsSeptember 25, 2002
STAMFORD, Conn. -- Federal prosecutors are investigating accounting practices at Xerox Corp. that were previously reviewed by securities regulators in a probe that led to a record $10 million civil penalty against the copy machine maker. The Stamford-based company issued a statement Monday night announcing the new investigation and saying it would cooperate with prosecutors...
The Associated Press

STAMFORD, Conn. -- Federal prosecutors are investigating accounting practices at Xerox Corp. that were previously reviewed by securities regulators in a probe that led to a record $10 million civil penalty against the copy machine maker.

The Stamford-based company issued a statement Monday night announcing the new investigation and saying it would cooperate with prosecutors.

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Xerox settled allegations by the Securities and Exchange Commission in April. The SEC alleged that the company used a variety of what it called "accounting tricks" and "accounting opportunities" to boost earnings by about $1.5 billion, misleading investors about its results.

Xerox spokeswoman Christa Carone declined to comment Monday on the new investigation.

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