What a hockey puck.

Earlier this week, Eugene announced he will retire from Biovail on June 30. This came just after the Securities and Exchange Commission sent him, some other execs and the company Wells Notices about its intent to pursue enforcement action over securities trading.

Today, Melnyk settled with the Ontario Securities Commission, which probed securities trading by several trust Melnyk controlled. The punishment - he can’t serve as a Biovail director for one year, beginning June 30. And Melnyk, who owns the Ottawa Senators NHL franchise, must pay a $1 million fine.

The saga isn’t over, though. The SEC must still be appeased. That investigation relates to a company warning of a revenue shortfall in the third quarter of 2003, an October 2003 truck accident that destroyed a shipment of key antidepressant drug Wellbutrin XL, and its disclosure of the accident’s impact on 2003 earnings.

Here’s the Biovail statement;
Here’s the order;
Here’s the settlement agreement.[tags]Biovail, Eugene Melnyk[/tags]