U.S.: Valeant Was Victim of Multimillion-Dollar Fraud

The video discusses fraud and money laundering charges against Andrew Davenport and Gary Tanner, highlighting their financial misconduct involving kickbacks and personal expenses. Valeant, initially scrutinized for its business model and relationship with Philidor, is revealed as a victim of the fraud. Despite this, Valeant's reliance on Philidor and the need to restate revenues remain critical issues. Ongoing investigations continue, with no charges yet against former executives Michael Pearson and Howard Schiller.

What were Andrew Davenport and Gary Tanner accused of?

• Tax evasion and insider trading

• Fraud and money laundering

• Bribery and embezzlement

• Identity theft and forgery

How did the fraud scheme impact Valiant?

• Valiant was the perpetrator of the fraud

• Valiant benefited financially from the fraud

• Valiant was a victim of the fraud

• Valiant was unaffected by the fraud

What was the relationship between Valiant and Philidor?

• Philidor was unrelated to Valiant

• Philidor was a key partner for Valiant's sales

• Philidor was a subsidiary of Valiant

• Philidor was a competitor of Valiant

What is the status of the investigation into Valiant's former executives?

• They have been cleared of all charges

• They have been arrested and awaiting trial

• They have been charged with fraud

• The investigation is ongoing with no charges yet

What was a major issue with Valiant's business practices?

• Failure to comply with environmental regulations

• Lack of transparency with shareholders

• Over-reliance on a single product

• Inability to innovate in the market