The Securities and Exchange Commission filed civil fraud charges against two former officers of Bristol-Myers Squibb Co. for allegedly orchestrating a fraudulent earnings management scheme through channel stuffing.
The commission charged former Bristol-Myers chief financial officer Frederick S. Schiff, and the former president of the company's Worldwide Medicine Group, Richard J. Lane, with violations of the antifraud, reporting, books and records, and internal controls provisions of the federal securities laws in U.S. District Court for the District of New Jersey.
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