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Pharmaceutical Maker Bristol-Meyers Squibb Pays $150 Million Settlement to SEC to Settle Charges of Accounting Fraud

Friday, August 06, 2004
by Mike Adams, the Health Ranger
Editor of NaturalNews.com (See all articles...)
Tags: pharmaceutical companies, Bristol-Meyers Squibb, pharmaceutical fraud

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In yet more news about the criminal activity of pharmaceutical companies, Bristol-Meyers Squibb has agreed to pay $150 million to settle charges levied by the SEC, the Securities and Exchange Commission. Bristol-Meyers has agreed to pay a $100 million civil fine and $50 million in other fines in response to accounting violations levied by the SEC. The SEC says that the company conducted the cover-up by selling massive quantities of drugs to wholesalers and then improperly booking the revenue from $1.5 billion dollars from those sales. The method by which the company booked this revenue is in violation of generally accepted accounting principles, says the SEC. This is on the heels of a $300 million lawsuit filed by shareholders of Bristol-Meyers, which the company recently lost. ,p> So what is Bristol-Meyers' response to all of this? After settling the charges, they say: "The company has implemented a series of internal controls and procedures designed to ensure that its financial reporting processes meet the highest standards of integrity and professionalism." But of course!

In my view, this is simply more evidence of the corruption of drug companies and a demonstration of the great lengths to which they will go in order to maximize profits and deceive investors. Bristol-Meyers is just one of many pharmaceutical companies that have been caught engaging in criminal acts, but it is the only large drug company that has been found in violation of law by the Securities and Exchange Commission.

As a person who covers the pharmaceutical industry, none of this surprises me in the least. I see this kind of thing every day -- pharmaceutical companies going to any lengths to maximize profits and sell more drugs by exploiting the public and breaking laws. The funny part to all this is that the real fraud is the products themselves. The real fraud is found in the prescription drugs which are over-hyped, over-marketed, and based on highly distorted scientific studies that minimize health risks and exaggerate health claims.

During the marketing of these prescription drugs, toxic side effects are minimized or even ignored altogether, and even when drugs are approved by the FDA, they continue to demonstrate extremely toxic side effects throughout the human body that weren't acknowledged in the original studies. So even when drugs are being sold in an honest way, and honest accounting practices are pursued, there's still, in my opinion, a giant fraud going on, and that's the marketing of prescription drugs to a population that doesn't really need drugs.

What they need is good health practices through nutrition, physical exercise and avoidance of toxic food ingredients that promote chronic disease. But until our country realizes that, big drugs are big business, and big drug companies will apparently do practically anything to pocket one more dollar, regardless of what laws have to be broken in the process.

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About the author:Mike Adams (aka the "Health Ranger") is a best selling author (#1 best selling science book on Amazon.com) and a globally recognized scientific researcher in clean foods. He serves as the founding editor of NaturalNews.com and the lab science director of an internationally accredited (ISO 17025) analytical laboratory known as CWC Labs. There, he was awarded a Certificate of Excellence for achieving extremely high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation. Adams is also highly proficient in running liquid chromatography, ion chromatography and mass spectrometry time-of-flight analytical instrumentation.

Adams is a person of color whose ancestors include Africans and Native American Indians. He's also of Native American heritage, which he credits as inspiring his "Health Ranger" passion for protecting life and nature against the destruction caused by chemicals, heavy metals and other forms of pollution.

Adams is the founder and publisher of the open source science journal Natural Science Journal, the author of numerous peer-reviewed science papers published by the journal, and the author of the world's first book that published ICP-MS heavy metals analysis results for foods, dietary supplements, pet food, spices and fast food. The book is entitled Food Forensics and is published by BenBella Books.

In his laboratory research, Adams has made numerous food safety breakthroughs such as revealing rice protein products imported from Asia to be contaminated with toxic heavy metals like lead, cadmium and tungsten. Adams was the first food science researcher to document high levels of tungsten in superfoods. He also discovered over 11 ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit heavy metals in rice protein products.

In addition to his lab work, Adams is also the (non-paid) executive director of the non-profit Consumer Wellness Center (CWC), an organization that redirects 100% of its donations receipts to grant programs that teach children and women how to grow their own food or vastly improve their nutrition. Through the non-profit CWC, Adams also launched Nutrition Rescue, a program that donates essential vitamins to people in need. Click here to see some of the CWC success stories.

With a background in science and software technology, Adams is the original founder of the email newsletter technology company known as Arial Software. Using his technical experience combined with his love for natural health, Adams developed and deployed the content management system currently driving NaturalNews.com. He also engineered the high-level statistical algorithms that power SCIENCE.naturalnews.com, a massive research resource featuring over 10 million scientific studies.

Adams is well known for his incredibly popular consumer activism video blowing the lid on fake blueberries used throughout the food supply. He has also exposed "strange fibers" found in Chicken McNuggets, fake academic credentials of so-called health "gurus," dangerous "detox" products imported as battery acid and sold for oral consumption, fake acai berry scams, the California raw milk raids, the vaccine research fraud revealed by industry whistleblowers and many other topics.

Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.

In addition to his activism, Adams is an accomplished musician who has released over a dozen popular songs covering a variety of activism topics.

Click here to read a more detailed bio on Mike Adams, the Health Ranger, at HealthRanger.com.

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