Biovail news: No Sarbox charges yet?

The massive Biovail settlement calls for the biomedical firm to pay $10 million to settle a slew of financial fraud charges with the SEC. The complaint reads like a cheap dime-store list of financial tricks designed to deceive auditors and the public. The company seems to be bent on making amends. The fate of the top executive, including founder and former chief executive Eugene Melnyk, has yet to be decided. The settlement did not cover the four individuals named in the suit. They still face SEC charges, and Sarbanes-Oxley, of course, raises the possibility of jail time. This is a good example of how Sarbox will not deter executives bent on fraud for whatever reason. 

For more:
- here's the SEC release

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