Ex-Xerox CFO Can’t Deny Fraud Allegations as Per 2003 SEC Deal

The former chief financial officer of Xerox Corp. is stuck with an SEC settlement forbidding him from denying the agency’s fraud allegations because he waited too long to challenge the deal, a New York federal judge ruled.

Barry D. Romeril caught the Securities and Exchange Commission’s attention when it investigated Xerox for accounting fraud almost two decades ago. Romeril challenged the 2003 consent and judgment on First Amendment grounds, but didn’t do so within a reasonable time because he waited almost 16 years, the U.S. District Court for the Southern District of New York said Nov. 18.

Romeril sought ...