Bloomberg Businessweek - USA (2020-08-31)

an

unnamedbank“institution

A,”

per

James

$141.0mKokinoHoldingsinclude:

477 wire

transfers worth

$40m

to

...

and 272 wire

transfers worth

$4m

to

...

... who redirected this money and more from unknown

sources through the same bank to two LLCs ...

56

The

Family

Offices

Here’s

what’s

known

about

the

Sacklers’

holdings,

according

to

SEC

filings.

$10.8b

Taken

out

of

Purdue

$4.6b

Tax

payments

New

York

State

Attorney

General

Letitia

James’s

office

has

said

the

Sacklers

hid

billions

of

dollars.

She’s

subpoenaed

at

least

10

financial

institutions

connected

to

the

family

“in

an

effort

to

establish

the

Sacklers’

fraud,”

according

to

afiling.

The

subpoenas

allege

that

a

portion

of

the

$4.4

billion

was

used

for

multimillion-dollar

real

estate

transactions.

In

one

example,

Beacon

made:

Trusts

for

the

benefit

of

the

Sacklerfamily

From 2008 through 2017, $10.8 billion flowed out of Purdue in hundreds of transactions through numerous subsidiaries. (A small percentage of this sum was reinvested in Purdue or lent to and fully

repaid by an affiliated company.) After tax bills were settled, the bulk of the cash landed in two Delaware companies, Rosebay Medical Co. and Beacon Co.

Despite the scandal around the Sacklers’ role in marketing opioids, the family has continued to earn returns through investments across the U.S. economy. Kokino LLC, which manages the wealth of Jonathan’s family, made up about 20% of investor funds managed by hedge fund Sunriver and holds smaller stakes in tech and oil companies. Richard’s family office, Summer Road, is calculated to have made $60 million last year through its client Cap 1 LLC from the sale of a stake in ski company Peak Resorts. Below are the values of their known holdings.

Money

from

the

companies

moves

through

trusts

to

the

two

sides

of

the

family.

Richard

and

the

late

Jonathan’s

estate

benefit

from

Rosebay;

Mortimer

D.A.

and

Mortimer

Sr.’s

other

family

members

benefit

from

Beacon.

Jonathan

RosebayMedical

Be

acon

137

transfers

totaling

almost

$20m

via

...

to

$1.7bOther

companies

$4.4b

Two U.S.

companies registered

in Delaware

Mortimer

D.A.

Mortimer

D.A.

$46.8m SummerRoadHoldingsinclude: $26.3mStillwaterHoldingsinclude:

Richard Mortimer

D.A.

Richard

EMagin Corp.

$26.3m

Ocular Therapeutix Inc.

$46.8m

Hill International Inc. $0.9mStoneX Group Inc. Sunriver Mgmt. LLC $114.0m

$0.9m

Argan Inc.

$1.1m $1.2m

Evolving Systems Inc.AutoWeb Inc.

$3.0m

Gulf Island Fabrication Inc.

$8.0m

Amtech Systems Inc. $11.9m

Jonathan