<b>Practice News:</b> KPMG partners pay record penalties. By Dawn Smith

Three partners at KPMG in the US have been given record fines by the Securities & Exchange Commission for their part in a US$1.2 billion fraud scheme by the Xerox Corporation.

Ronald Safran and Michael Conway agreed to pay a civil penalty of US$150,000 each - the largest fines ever imposed on individual auditors - while Anthony Dolanski agreed to pay $100,000. Their licences to practice as accountants was also suspended. A fourth partner, Thomas Yoho, agreed to be censured by the Commission.

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