Ex-Drug Co. CEO’s Actions Merit $1M FBAR Penalty, US Says

Law360 (April 29, 2019, 7:17 PM EDT) -- A pharmaceutical company’s former chief executive officer acted recklessly when he failed to disclose a foreign bank account worth $2 million, warranting a stiffer penalty of almost $1 million, the U.S. told a Pennsylvania federal court.

Arthur Bedrosian, former CEO of generic drug maker Lannett Co., didn’t look over his 2007 foreign bank account report before signing it, even though he knew that submitting an inaccurate FBAR was a violation of the law, the U.S. said in a brief filed Friday. Thus the court should conclude that Bedrosian willfully failed to report the account at Swiss bank UBS AG, the government said....

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