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by Mike Caswell

A jury in New York has convicted former Valeant Pharmaceuticals International Inc. executive Gary Tanner for a scheme in which he secretly received millions of dollars after engineering a takeover offer. The verdict arrived on Tuesday, May 22, after a four-week trial and after about a week of deliberations. The jury convicted Mr. Tanner and a co-accused, Andrew Davenport, on all of the charges that they faced, including counts for conspiracy and honest services fraud.

The charges against the men stemmed from a scheme in which the men manipulated Valeant into making a $300-million deal to acquire an on-line pharmacy, Philidor Rx Services LLC. (All figures are in U.S. dollars.) The men engineered the deal while plotting to take some of the takeover cash for themselves, prosecutors said. Mr. Tanner used his position at Valeant to push the deal ahead, with the company unaware that he would later be personally enriched through a $9.7-million payment to an entity that he secretly controlled.

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