Ex-Bristol Myers Exec Settles SEC Profit Inflation Suit

Law360, New York (April 2, 2012, 5:49 PM EDT) -- Former Bristol Myers Squibb Co. executive Frederick Schiff has settled a U.S. Securities and Exchange Commission suit accusing him of inflating the company's profits, the SEC said Friday, ending nearly seven years of government cases that included an abortive criminal prosecution.

Schiff, Bristol Myers' former chief financial officer, will pay about $131,000 in disgorgement and interest to end the SEC's suit, which accused him of engaging in a “channel-stuffing” scheme to help Bristol Myers meet earnings targets.

The scheme allegedly went on from January 2000 to...
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Case Information

Case Title

UNITED STATES SECURITIES AND EXCHANGE COMMISSION v. SCHIFF et al


Case Number

2:05-cv-04132

Court

New Jersey

Nature of Suit

Securities/Commodities

Judge

Faith S. Hochberg

Date Filed

August 21, 2005

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Government Agencies

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