Purdue Pharma Billions in Money Moved Offshore – and a Settlement not Accepted

Filings: Purdue owners used Swiss banks to hide transfers

NEW YORK (AP) — The family that owns OxyContin maker Purdue Pharma used Swiss bank accounts to conceal the transfer of millions of dollars from the company to themselves, New York state’s attorney general contends in court papers filed Friday.

New York — asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners, the Sackler family — said it has already documented $1 billion in transfers between those parties.

Those transactions include millions shifted from a Purdue parent company to former board member Mortimer D.A. Sackler, prosecutors said in the papers. Prosecutors say Sackler then redirected substantial amounts to shell companies that own family homes in Manhattan and the Hamptons.

The filing, made in a New York court, follows decisions by that state and others to reject a tentative settlement with Stamford, Connecticut-based Purdue, announced this week, arguing it does not do enough to make amends for the company’s and family’s alleged roles in flooding U.S. communities with prescription painkillers.

New York, Massachusetts and others contend that the Sacklers drained more than $4 billion from Purdue since 2007, moving much of it offshore to avoid future claims. In its filing Friday, New York told a state judge that the only way it can determine the full extent of those transfers is if all those it has subpoenaed are forced to provide documents detailing their interactions with the Sackler family.

“It is elementary, however, that how the Sacklers moved and tried to hide their money will be key evidence of the liability of all of the participants,” a lawyer for the attorney general wrote the judge.

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Opiate Connected Family and the Lucrative Ski Resort Acquisition, the Irony of Painkillers and Ski Resorts

A sign with the Sackler name is displayed at the Metropolitan Museum of Art in New York, Thursday, Jan. 17, 2019. (AP Photo/Seth Wenig)

OxyContin’s Sackler Family Will Get Millions From A Ski Resort Operator’s Sale

Vail Resorts, a publicly traded operator of ski resorts, announced on Monday it would acquire Peak Resorts for $11 per share, all cash, which is more than double its $5.10 per share closing price, one day prior to the announcement. Peak Resorts operates 17 ski resorts, mostly in the Northeast and Midwest, including Alpine Valley in Ohio and Hunter Mountain in upstate New York.

One major beneficiary of the acquisition: the Sacklers, the family behind Purdue Pharma, the manufacturer of pain drug OxyContin. According to Peak Resorts’ latest annual proxy from October 2018, its largest shareholder is CAP 1 LLC, a company wholly owned by Sackler brothers Richard and Jonathan. The Sacklers’ nearly 40% ownership stake, which includes preferred stock and stock warrants, is worth about  $87 million based on the transaction. Some of the shares are owned by the charitable Sackler Foundation. The Sacklers became investors in Peak Resorts as early as August 2015.

Richard is the former chairman and president of Purdue Pharma. His brother, Jonathan, is a former board member. Nearly every state has filed lawsuits against Purdue Pharma and its owners, including eight Sackler family members, alleging the company caused a nationwide public health crisis around opioid addiction and opioid overdose deaths. One lawsuit alleges that Purdue Pharma had brought in more than $35 billion in revenues since 1995.

The Sacklers, worth an estimated $13 billion based largely on the value of Purdue Pharma, built their fortune primarily through sales of OxyContin, a highly addictive painkiller that has been called by the medical establishment one of the root causes for the nationwide opioid addiction epidemic. Purdue Pharma owns the patent for OxyContin, and is the only manufacturer of the drug. According to Symphony Health Solutions, a healthcare and pharmaceutical data analytics company, roughly 80% of Purdue Pharma’s sales come from OxyContin. Due to the widespread rise in use of prescription and nonprescription opioids, the U.S. Department of Health and Human Services declared the opioid crisis a public health emergency in 2017.

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Only When Beneficiaries Take a Stand Against Dark Money Will Decency be Touted over Wealth, the Louvre

Louvre, Paris

Click to enlarge

Louvre removes Sackler family from museum walls

France’s Louvre Museum has erased the Sackler name from its walls, removing any physical trace of its ties to the billionaire family that owns opioid manufacturer Purdue Pharma.

The art philanthropist family’s name was quietly removed from a wing dedicated to eastern antiquities over the last few weeks, The New York Times reported.

The wing has been known as the Sackler Wing of Oriental Antiquities since 1997.

A plaque honouring the family’s donations to the museum was also removed from the gallery’s entrance and any mentions of the “Sackler Wing” on the museum’s website have also been deleted.

A representative of the museum said the Sackler’s name was erased because it had exceeded a time limit.

“On 10 October, 2003, the museum board decided to limit the duration period named room to 20 years. [The Sackler] donation is more than 20 years old, the name-period is therefore legally closed and these rooms no longer carry the Sackler name,” the statement said.

The removal follows major museums in Europe and New York announcing they will no longer accept donations from the family.

The family behind Purdue Pharma has been the subject of multiple lawsuits from different states in the US for its alleged role in the country’s opioid epidemic. The transatlantic family are decedents of three Sackler brothers—Raymond, Arthur and Mortimer—who turned their small pharmaceutical firm into a family-controlled enterprise, which eventually became the $3 billion revenue-making Purdue Pharma. The company introduced OxyContin in 1996.

Purdue Pharma – “the greed and recklessness” – Accusations Against the WHO by US Lawmakers

U.N. agency is accused of helping Purdue Pharma spread opioid epidemic around the world

Lawmakers say the World Health Organization is helping Purdue wage a “propaganda campaign” about opioids.
Image: Family and friends who have lost loved ones to OxyContin and opioid overdoses leave pill bottles with protest messages on them outside the headquarters of Purdue Pharma
Family and friends who have lost loved ones to OxyContin and opioid overdoses leave pill bottles with protest messages on them outside the headquarters of Purdue Pharma, which is owned by the Sackler family, in Stamford, Connecticut on Aug. 17, 2018.Jessica Hill / AP file

Manchester England, The Enshrouded Drug Problem and the Arrests of Chareidi (Haredi) Girls Smuggling Drugs

A Drug Problem Within the Haredi Population in Manchester, England – Rabbis, Please Help These Children

Dear Readers:

We would like to thank Yeshiva World News for covering the story below. We make absolutely clear to all readers that it is quite likely that YWN is not a supporter of this site or our coverage and perspective. That said, it does not diminish our respect for them and the work they do. We do not always agree with their coverage but they have a readership and circulation that they are beholden to and despite that, they cover stories such as the one below. We do not necessarily agree with the perspective the article took.

The issue, as we see it, is not that these girls were compelled to travel on Shabbat but that there is a growing and significant drug problem in the Yeshiva community in Manchester, England. We have been advised via a source, that the rabbis within the community know that there are a significant number of children, mostly boys, who are using drugs and either ignore the problem or actively cover it up. We have been advised that the drug of choice is Opiods.

We have further been told that the Manchester Police have been looking the other way.

We are not writing this article to condemn the actions of a rabbinical community trying to keep a drug problem quiet. It is not a shining example of how one wants a community, a family of children to be perceived. But, to the rabbis, teachers, parents and community leaders, closing your eyes to the problem or looking the other way will not make it go away. It will only get worse. The children who are using are sick and they need help as they would with any other disease.

We applaud the Chabad organization that refused to house these kids to prevent them from traveling on Shabbat. The Chabad organization stated their refusal is on the grounds that these children had committed crimes. We applaud any group that takes a stance against smuggling drugs (which is ultimately what was happening) and gets the authorities involved.

Drug abuse and addiction will not go away by ignoring it. It is a disease and these children need help like they would if they were sick with any other illness. If they had cancer, they would be given chemo or radiation coupled with love and support. If they had epilepsy or diabetes, they would be treated and loved. The same should be true of drug addiction. And, do not fool yourselves that occasional use of opiods is not addiction. It is.

Teaching religious oriented students is not going to “convince” these children to stop using and apparently it is not successful at influencing them to avoid trying these drugs in the first place. No community is immune, contrary to what the rabbis would have everyone believe. If kids are using, they need serious and medically oriented help. And they need to be embraced and loved.

The kids cannot stop using alone. They need an open and supportive, loving and kind community to help them.

We implore upon the Rabbis of the Manchester, England Yeshiva community to embrace the problem and work to fix it. These children need help, medical attention and love. At least give them that.

AGAIN: Chareidi Girls Arrested in Oslo For Smuggling “Khat”; Scheduled for Deportation ON SHABBOS

 

Following the YWN report of the arrest of chareidi girls upon their arrival in Manchester for smuggling in Khat (a drug), it has been learned the matter is gaining notoriety throughout areas of Europe, and there are two girls currently under arrest in Oslo.

As YWN-Israel reported, over the past few months, dozens of young charedi men and women have been arrested for smuggling contraband items in Manchester, England. Two girls spent seder night in detention and house arrest after they were apprehended. It is reported that the plant is not illegal in Israel, but it is prohibited in Europe.

BeChadrei Chareidim continues reporting on the case, explaining a number of askanim from Europe have contacted them to publicize the matter pertaining to the two girls detained Seder night, as well as the outrage of a Chabad shaliach whose become involved, albeit, not at his own behest.

Dozens of young chareidi boys and girls are smuggle the drug to Europe. They receive a sum of money and a hotel for three days and are told by the operator that if they get in trouble, they are told that they can “call the local Chabad shaliach”.

Two chareidi girls from Jerusalem were detained for a number of days in Oslo, the capital of Norway, for the attempted smuggling of Khat leaves. They are scheduled to be deported on this coming Shabbos to Israel. [They spent Pesach in detention.]

The Norwegians refuse to put them on a flight with a stopover, insisting on a direct flight, and this only happens on Shabbos, and for now it seems that the two will be forced to be mechalel Shabbos against their will because of the smuggling.

The Chabad shaliach to Oslo, Rabbi Shaul Wilhelm, says in a conversation with BeChadrei Chareidim, that all those who have become entangled with the law in the past few months are asking him if they can stay at the Chabad House and pay as much as they can, but he does not agree. “They are breaking the law and I do not assist lawbreakers,” said Wilhelm.

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Chareidi Girls Arrested in England for Smuggling “Khat” Substance From Israel

The Sackler Family and Inaccuracies? Let’s Just Forget About the Fortune they Made and the Victims They’ve Left…

Sackler family asks judge to toss out Massachusetts suit over ‘inaccuracies’

 

Members of the Sackler family that own the manufacturer of OxyContin, the prescription painkiller largely blamed for the opioids crisis, have asked a court to dismiss the most high-profile lawsuit against them – and on Tuesday declared that they feel “deep and profound compassion for people who are struggling with addiction”.

The eight prominent members of the multi-billionaire family are being sued in several large civil cases brought by hundreds of US cities, counties and states, accusing them of pushing aggressive sales of the drug while knowingly downplaying its dangers. On Monday night they filed a motion to dismiss the suit brought against them by Massachusetts.

The company they own, Connecticut-based Purdue Pharma, which makes OxyContin, the most well-known brand of opioid pill, previously asked the court in Boston to toss out the suit in which it is also named.

The family accused Massachusetts of “completely fabricating” some accusations “out of whole cloth”, relying on allegations “rife with mischaracterizations and factual inaccuracies” and failing to show how any of the individuals being sued had broken the law.

“It’s hard to justify the inaccuracies. You’re entitled to your own opinion but you are not entitled to your own facts,” said an attorney for the members of the Sackler family sued in the Massachusetts civil case.

The Massachusetts attorney general, Maura Healey, sued Purdue and several other pharmaceutical companies last year and also named the eight Sacklers. They face a host of other investigations.

 

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