New York Uncovers $1 Billion in Sackler Family Wire Transfers
Source: New York Times
The New York attorney generals office said Friday that it had tracked about $1 billion in wire transfers by the Sackler family, including through Swiss bank accounts, suggesting that the family tried to shield wealth as it faced a raft of litigation over its role in the opioid crisis.
Earlier this week, thousands of municipal governments and nearly two dozen states tentatively reached a settlement with the Sackler family and the company it owns, Purdue Pharma, maker of OxyContin. But the attorneys general of a majority of states, including New York and Massachusetts, are balking at the proposed deal, contending that the Sackler family has siphoned off company profits that should be used to pay for the billions of dollars in damage caused by opioids.
The wire transfers are part of a lawsuit against Purdue and individual Sacklers in New York. Letitia James, now the states attorney general, had issued subpoenas last month to 33 financial institutions and investment advisers with ties to the Sacklers in an effort to trace the full measure of the familys wealth. While the Sacklers continue to lowball victims and skirt a responsible settlement, we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct, Ms. James said in a statement. Records from one financial institution alone have shown approximately $1 billion in wire transfers between the Sacklers, entities they control, and different financial institutions, including those that have funneled funds into Swiss bank accounts, she added.
Forbes has estimated that the family fortune is worth $13 billion, a figure the family has not disputed, but many state attorneys general believe that the family has far more hidden away, as a safeguard against the cascade of litigation.
Read more: https://www.nytimes.com/2019/09/13/health/sacklers-purdue-opioids.html
TeamPooka
(24,210 posts)mitch96
(13,872 posts)paleotn
(17,884 posts)Even when paying half of the poor to kill the other half stops working.
RainCaster
(10,842 posts)Take all their money and more. Put the fuckers in prison, and let them out after our nation has recovered from their drug pushing.
Two or three generations should do it.
Mosby
(16,263 posts)Lots of doctors should be in jail.
Sherman A1
(38,958 posts)Being charitable. They need to clean up the mess they made using every dime of their assets.
NBachers
(17,087 posts)OMGWTF
(3,943 posts)Delmette2.0
(4,158 posts)Good gawd, when is it enough money? Their future generations would likely just fuck themselves up with so much money.
BumRushDaShow
(128,535 posts)because 10 years ago, there was an announcement by the IRS that they would seek a list of 4000+ Americans who held money in "secret" Swiss bank accounts (through UBS) to evade taxes. At some point well after that, I remember seeing articles indicating that the list had been compiled and a spreadsheet with the names had been published. In retrospect, I am wondering if they had been on it or whether they paid top dollar to keep their money "hidden" (e.g., through some of the smaller banks) -
By LYNNLEY BROWNING AUG. 19, 2009
n the latest setback to Switzerlands tradition of banking secrecy, UBS, one of the nations largest banks, agreed on Wednesday to turn over information on more than 4,400 American clients suspected by the Internal Revenue Service of using Swiss accounts for tax evasion. The agreement is likely to unnerve American customers of UBS who do not know if their names will be divulged, and could deter others from opening Swiss accounts in the future.
Whether the deal will change the Swiss banking industrys culture of secrecy remains to be seen. Smaller Swiss banks say they are confident that they can blunt its effects and continue to profit by finding new, more elaborate ways to protect the privacy of clients. But American authorities have made clear that their pursuit of tax evaders will not stop at UBS.
The 4,450 accounts at UBS that are covered under the new agreement held over $18 billion at one point, according to the I.R.S. commissioner, Douglas Shulman, who called the deal a major step forward in piercing the veil of bank secrecy.
UBS will give the names to the Swiss tax authority, which will forward them to the I.R.S. Under a new tax treaty with Switzerland, it could take more than a year for most of the names to be disclosed. In coming weeks the bank will start to notify clients, who can appeal the disclosure in Swiss courts. It is not clear how UBS will decide which clients to unmask, though American officials have said that they are interested only in the biggest accounts some containing hundreds of millions of dollars and accounts that made use of offshore entities and sham corporations.
https://www.nytimes.com/2009/08/20/business/global/20ubs.html
Delmette2.0
(4,158 posts)BumRushDaShow
(128,535 posts)They got a lot of work ahead of them!
AllaN01Bear
(18,016 posts)CanonRay
(14,088 posts)Mosby
(16,263 posts)PhoenixDem
(581 posts)Let's use that money for the victims
moonseller66
(430 posts)maybe they should all be put on a 1 to 5 year, daily dose of the opioids they sold to help ease their pain?
RobinA
(9,886 posts)Is this not their money? Seems to me theyre can bury it in the backyard if they want. This is a very dangerous direction were headed.
Bradical79
(4,490 posts)You're not making sense. Investigating if someone is hiding company profits overseas to protect their vast wealth from litigation (and avoid taxes) is not dangerous.
Eugene
(61,823 posts)They are hiding assets that may be taken to pay out damage claims.
No, that money is not necessarily theirs.
P.S. Two more points:
1. They may have siphoned that $1b out of the company. The AP is reporting this.
2. In a bankruptcy, principals' assets may up for grabs. The Sacklers are trying to cut their losses at $12b, the supposed value of Perdue Pharma if they aren't cooking the books.
ck4829
(35,040 posts)We're already in the dangerous direction with the Sackler family period.
FakeNoose
(32,599 posts)How much dough do you think they've hidden in the last 12 years? I don't know but I'm sure it's way more than the profits they show on their Purdue Pharmaceuticals profit-and-loss statements. The US government has literally no idea how much money the Sacklers have hidden.
Subpoena their lawyers and accountants, see if anybody talks.
Aussie105
(5,334 posts)If the ship is going down, you pack all your valuables and head for the life rafts.
I imagine in 1 or 2 years time, they will be in Europe somewhere, living off their backup Swiss bank funds, while the OxyContin dead remain dead and those going through painful withdrawal will still be in pain.
Bankrupting the company doesn't seem to fit the crime. Also, doctors who acted like the local Candyman need pursuing too. Then there is the doctor shopping possibility, get multiple scrips, sell on the black market, and profit.
pwb
(11,252 posts).