Whistleblower James Bingham who was fired by Xerox in 2000 said that Xerox played around with its accounts to disguise a deteriorating trading record. The reason for this the SEC was part of a scheme to enrich the managers (1 ).
Xerox Corp admitted to the SEC that it had made "improper payments" that had been paid to secure contracts from Indian government. contracts Back home the SEC charged that Xerox charged had accounting improprieties to increase its pre tax profits over a three year period from 1997 to 2000 (2 ).
The SEC issued a statement that said "If not for these improper accounting actions, Xerox would have fallen short of market expectations, often by a wide margin, in almost every reporting period from 1997 through 1999." (3 ).
Xerox was already fined one for questionable accounting, but in 2002 it confessed it had overstated its revenue for the past five years (4 ).
Xerox said In its annual report submitted to the U.S. Securities and Exchange Commission in 2002 "In India, we learned of certain improper payments made over a period of years in connection with sales to government customers by employees of our majority-owned subsidiary in that country," (5 ).