Bausch And Lomb Audits Brazilian Branch Amid Fraud Allegations

Law360 (October 27, 2005, 12:00 AM EDT) -- Several executives with Bausch and Lomb’s Brazilian subsidiary are under investigation for allegedly appropriating funds and depositing them in their own pension accounts and the accounts of other insiders.

The company said that the executives falsified financial records to hide the transactions.

Bausch and Lomb released a statement saying that BLIO, the company’s branch in Brazil, is the subject of an informal Securities and Exchange Commission investigation.

The company said that they have begun an internal audit as well, and the Brazilian government is likely to...
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