Family’s Web Makes it Hard to Track Cash From Opioid Sales

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$pider’s Stratagem –

August 29, 2019 – A representative for the family of Purdue co-founder Mortimer Sackler declined to comment for this story, as did a company spokeswoman. A representative for the relatives of Raymond Sackler, Purdue’s other scion, did not respond to a request for comment.

When the Oxycontin maker plead guilty in 2007 to a federal charge it mislead the public about the drug’s risks, it listed 215 companies under its umbrella. But that did not include some companies used to manage property and investments for family members or the trusts, some offshore, set up to administer their fortunes.

Some offshore entities “appear to have served as conduits for monies from Purdue,” a lawyer for New York’s attorney general wrote recently to the judge presiding over the state’s lawsuit.

Many companies set up limited partnerships and subsidiaries to cap shareholder liabilities and many wealthy individuals manage investments through opaque entities.