NEW YORK - Ottawa Senators owner Eugene Melnyk says he'll pay US$1 million to settle with the U.S. Securities and Exchange Commission.
The American stock watchdog alleged Melnyk violated certain reporting obligations related to shares of Biovail Corp. (TSX:BVF) held in certain trusts set up for his wife and family.
Melnyk's position was that he didn't control the shares, so shouldn't have to disclose trading in them.
Under the court-approved settlement, Melynk doesn't admit to wrongdoing but he agrees to abide by the U.S. reporting rule in future.
Melynk founded Biovail and remains its largest single shareholder.
He's also owner of Ottawa's NHL team and is working to set up a professional soccer team in the national capital.