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WASHINGTON (AP) - The four remaining defendants in the Securities and Exchange Commission's lawsuit against KPMG LLP and several of its partners have settled charges of allowing Xerox Corp. to manipulate its accounting in a $1.2 billion fraud, the SEC said Wednesday.
The four individuals — two current and two former KPMG audit partners — neither admitted nor denied wrongdoing in agreeing to the settlements in connection with the 3-year-old civil suit filed in federal court in Manhattan. The SEC alleged in the suit that KPMG, the U.S. unit of Big Four accounting firm KPMG International, and the partners allowed Xerox to manipulate its accounting from 1997 through 2000 to close a $3 billion "gap" between actual operating results and those reported to the investing public.
The four are Ronald Safran, Michael Conway, Anthony Dolanski and Thomas Yoho. Safran and Yoho are still at KPMG, while Conway and Dolanski are no longer there.
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