An Interest In:
Web News this Week
- March 28, 2024
- March 27, 2024
- March 26, 2024
- March 25, 2024
- March 24, 2024
- March 23, 2024
- March 22, 2024
New York State goes after the Sackler family's opioid fortune, claims they funneled their Oxy millions through offshore laundries
The Sacklers (previously) are mostly known around the world as "philanthropists," with their names adorning the wings of galleries, museums and institutes of higher learning; but the Sackler family fortune came from their pharmaceutical company, Purdue, whose deceptive marketing and underhanded regulatory evasion for their highly addictive drug Oxycontin has led to the Oxy overdose deaths of 200,000 Americans so far, with another 200,000 overdoses from heroin and other opioids likely related to the addiction epidemic created by Purdue and the Sacklers.
The Sacklers are anxious to keep details of their criminal activities out of the press and the public eye -- they recently gave Oklahoma $270m to settle a claim rather than have it go to trial, and you only have to look at the recently unsealed deposition of family boss Richard Sackler to see why: it reveals that Purdue execs, led by Sacklers, took steps that addicted as many people as possible and went to elaborate lengths to avoid regulatory detection of their misdeeds.
Now the family has been sued by New York Attorney General Letitia James, whose (heavily redacted) legal complaint claims that as the Oxy epidemic drew more legal attention, the Sacklers began to extract millions from Purdue via offshore money laundries that would hide their fortunes from US courts, going so far as to abolish Purdue Pharma's written quarterly reports and replacing them with verbal reports direct to board members, leaving no records to subpoena as fortunes were sent abroad.
The suit claims that the Sacklers incorporated a new pharma company, "Rhodes," to use as a "landing pad" if they had to shut down Purdue due to the legal claims and scandal around it. Read the rest
Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/mu6ge0_ol7U/verbal-financial-reports.html