The Ontario Securities Commission has approved a settlement reached with former Biovail Corp. chief financial officer Brian Crombie.

At a hearing on Thursday, an OSC panel approved the settlement entered into by staff of the commission and Crombie.

Crombie was accused of participating in a long-running scheme at Biovail to overstate the company’s earnings between 2001 and 2003.

Crombie was ordered to pay an administrative penalty of $250,000, as well as $50,000 in costs.

As well, Crombie is prohibited from becoming or acting as a director or officer of a reporting issuer for a period of eight years.

Other former Biovail employees named in the OSC case, as well as the company itself, have also settled with the commission, except for former chief executive officer Eugene Melnyk.

A hearing in Melnyk’s case is expected to begin Feb. 18.

IE