The Securities and Exchange Commission has charged Canadian pharmaceutical company Biovail and its former CEO and CFO and two current senior executives with engaging in fraudulent accounting schemes and making a series of misstatements to analysts and investors.

Without admitting or denying any wrongdoing, the company has agreed to pay a penalty of $10 million to settle the charges. Four current or former Biovail senior executives still face SEC charges: former chairman and CEO Eugene Melnyk, former CFO Brian Crombie, current controller John Miszuk and current CFO Kenneth G. Howling.

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