Printing Execs Fined Following Fraud Allegations

FAIRPORT, NY—A pair of executives with ImageXpres Corp. have agreed to pay $75,000 in fines to settle financial fraud allegations brought by the U.S. Securities and Exchange Commission (SEC), the Rochester Democrat and Chronicle reported.

John and Kevin Zankowsi, the executives, were sued by the SEC late last month on allegations that the financial performance of the company had been "hugely overstated" to investors between 2009 and 2011, the newspaper said. ImageXpres allegedly reported revenue growth rates in excess of 300 percent for some products, the SEC complaint contends, in spite of "the absence of virtually any bona fide sales."