The Ontario Securities Commission held a hearing to consider a proposed Settlement Agreement between Staff and Brian H. Crombie, former CFO of Biovail Corporation.
Crombie admitted to acquiescing in improper accounting practices regarding revenue recognition, disseminating materially inaccurate information concerning a truck accident, and providing misleading information to Staff during a continuous disclosure review.
The Commission approved the Settlement Agreement, finding it in the public interest.
Crombie was reprimanded, banned from acting as a director or officer of a reporting issuer for eight years, ordered to pay an administrative penalty of $250,000, and ordered to pay $50,000 in costs.