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2 pharmacy execs arrested for fraud Two executives from the secret pharmacy at the heart of the Valeant scandal were arrested and charged with concocting a massive fraud scheme on Thursday.
Attorney for the Southern District of New York, said during a press conference. Philidor, which has since gone out of business, had helped patients get insurance coverage for higher priced Valeant drugs instead of cheaper alternatives. Valeant has become the focal point of anger from lawmakers and consumer groups over the dramatic drug price hikes at some pharmaceutical firms. Last year, federal prosecutors started investigating the way Valeant prices and distributes its drugs. On Thursday morning, the FBI arrested Davenport in Pennsylvania. Tanner, 39, a former Valeant executive who later worked at Philidor, was apprehended in Arizona. Federal prosecutors charged Davenport and Tanner with four counts, including conspiracy to commit wire fraud and money kate spade sale items laundering conspiracy. Each of those counts carry a maximum sentence of 20 years in prison. During that time, Tanner also steered lots of Valeant business to Philidor and blocked efforts to diversify the drug maker's pharmacy relationships, according to about kate spade the criminal complaint. Prosecutors say Davenport and Tanner further took advantage of the two companies' close relationship by helping to orchestrate Valeant's $300 million acquisition of Philidor in 2014. The criminal complaint alleges Davenport then allegedly kicked back nearly $10 million to Tanner. Davenport allegedly used his share of the proceeds to purchase tens of millions of dollars in securities and to buy luxury goods, including a $50,000 wine cellar. "They will not be riding into the sunset kate spade past collections to live a life of luxury," Bharara said. (Editor's note: The movie doesn't end with the robbers riding into the sunset either. The last scene is of the two of them being surrounded by armed forces, who open fire at them.) Bharara repeatedly declined to say whether more individuals would be charged in relation to the Valeant Philidor situation. Related: JPMorgan hired kids of China's kate spade a elite to win business Philidor is at the center of controversy that has been swirling for the past year around pharmaceutical giant Valeant, a longtime favorite of hedge funds billionaires like Bill Ackman. Valeant's (VRX) stock has crashed by 90% since the existence of Philidor was revealed in October 2015.
Citron, a short selling firm that bets against stocks, alleged at the time that Valeant could be the "pharmaceutical Enron" due to its secret relationship with Philidor. Valeant pointed out in a statement that neither the company nor its executives have been charged. "The counts issued today include allegations that the charged parties engaged in actions to defraud Valeant as a company.