Biovail Founder Fined $1M In SEC Fraud Suit

By Julie Zeveloff

Law360, New York (February 03, 2009, 12:00 AM ET) -- Biovail Corp. founder and CEO Eugene Melnyk has been ordered to pay a $1 million civil penalty to settle one claim in a suit brought by the U.S. Securities and Exchange Commission over the Canadian drug company's allegedly fraudulent accounting practices.

U.S. District Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York signed a final judgment Monday on one of the ten claims for relief in the SEC's complaint against Melnyk and ordered Melnyk to pay a $1,000,001 fine...
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