Thu August 28, 2014
Former Xerox & ACS Executives Settle SEC Charges
The Securities and Exchange Commission has announced that a Xerox executive has agreed to resolve civil charges related to accounting practices at ACS, which is the business outsourcing company acquired by Xerox in 2010.
The government agency says that Lynn Blodgett agreed to pay nearly $413,000 to settle the SEC’s charges plus a penalty of $52,000.
He did so without admitting or denying the SEC’s findings, which had to do with the accounting for certain resale transactions by ACS. The charges did not involve any allegation of fraud, and officials say the transactions mainly occurred before Xerox purchased ACS. There are no charges being brought against Xerox or ACS.
Xerox previously announced that Blodgett stepped down as President of Xerox Services in April and will retire at the end of the year.
A former executive with ACS, Kevin Kyser, has agreed to pay about $208,000 to settle the charges, also without admitting or denying the SEC’s findings.