Posted AT 1:47 PM EST on 03/02/09
Biovail's Melnyk to pay $1-million in U.S.
Biovail Corp. founder Eugene Melnyk has been ordered to pay a civil penalty of $1-million (U.S.) by a U.S. judge who has been hearing a case lodged by the Securities and Exchange Commission.
The payment settles just one portion of the outstanding SEC case against Mr. Melnyk.
Last March the SEC accused Biovail, Mr. Melnyk and other former Biovail executives of civil fraud, saying they misled investors, auditors and regulators through a series of accounting schemes.
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