A former general counsel for McKesson HBOC, Inc. (now McKesson Corporation) has been stripped (pdf) of his right to practice before the Securities and Exchange Commission for five years as part of a civil settlement resolving charges that he participated in financial reporting fraud.
The SEC alleged in a complaint filed on Sept. 27, 2001, that Jay Lapine and other senior executives took part in a scheme to inflate the revenue and net income of HBO & Company, an Atlanta, Ga.-based provider of health care technology, which merged with McKesson Corporation in 1999. McKesson is a Fortune 100 company headquartered in San Francisco.
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