Xerox Accounting Scandal

The U.S. Securities and Exchange Commission found that Xerox had improperly accelerated recognition of more than 3 billion dollars in equipment lease revenue between 1997 and 2000 to meet Wall Street earnings expectations. Xerox paid a then-record 10 million dollar SEC fine in 2002 and restated years of earnings, while six former executives later settled separate fraud charges, damaging the company's finances and reputation during a period of declining copier sales. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/