The owners of the Framingham pharmacy blamed for the fungal meningitis outbreak that has killed dozens of people and sickened hundreds more pulled millions of dollars out of the company in the last year.
Bankruptcy records show the four family members who cofounded New England Compounding Center received more than $16 million in wages and profits from the firm from December 2011 through November 2012 — roughly equal to half its sales during this period.
Comments
Ok, so where are the calls for justice in this case? Could this be the same family with rich political ties to Scott Brown and the Governor's office? Again, thanks to The Globe for more great journalism!
Most important are the ties if there are any to Patrick. Looks like his administative abilities continue to be below standard. But by all means, keep thinking he really doing his job.
Disgusting. I hope they all do time.
Bad people..... period.
See you in Court,Sonny
They know they were in trouble so they milk everything they can from the Company. Now try to get it back.
So they have raided the bank accounts. No surprise. Have all their personal computers been impounded by the Feds? Email records to Romney's people were taken by the Romney folks when they slipped out of town. What are the facts here???
What a POS. First you kill people then you take the money. Most people would have had their 'come to Jesus' moment by now. Is there a law enforcement official who can look into this?
Actually, even worse, they pulled the money out first. May they never have a good night's sleep again.
Not all rich people are scoundrels: Many pay MILLIONS to support the arts, hospitals, research, education and the list goes on and on. Many rich people do good deeds anonymously.
Rich is not bad . . . and rich people are not bad.
Geeesh_what is happening to the psyche of this country. Too much hatred coming from D.C.
The fact that we have rich is not the problem. The problem is that for the past 30 years business and government policies have gutted the US's once powerful middle class, and set the nation on a course to becoming a nation of haves and have-nots. Rapacious conduct by businesses, even when clear evidence exists, has gone largely unpunished. Large segments of the population have been deluded into thinking their elected officials stands on divisive social issues transcends their responsibility to maintain a balanced economy. Advances in technology, while dazzling, have also allowed the accelerated concentration of power and wealth into a realatively small number of hands. A balanced economy leads to our nation's long-term viability and stability, while an unbalanced economy leads to short-term aggrandizement of a few but long-term suffering for the many, and ultimately chaos and ruin for all.
SCUM. Charge them, try them, sentence them, confescate these monies before they vanish and then toss away the key!
the disgusting issues here: the owners were pulling out 50% of the gross sales as net profits, but yet had a dirty bacteria-laden facility, which would have required only a small fraction of that net payout to monitor and to keep clean.
the legal/bankruptcy issues here: the liability is likely to be much greater than any insurance and cash removed from the company. we are talking many hundreds of millions of dollars. how much liability insurance does the business have? how large is that compared to the money that the owners have been siphoning off? the owners bled the accounts of cash for some period of time between the point at which they realized that they were in trouble as a company, and the point in time that they declared bankruptcy. bankruptcy proceedings typically allow the bankruptcy trustee to claw back payments made within 90 days of filing of bankruptcy; however, insiders with knowledge of what's going on can be obligated to pay back distributions for as long as a year. but the bankruptcy trustee has to fight for that.
the owners' actions do not pass the sniff test. they are trying to escape corporate obligations. otherwise why remove cash and DELAY bankruptcy proceedings for as long as they did? ultimately, the owners will be held responsible; but they are trying to grab as much cash as quickly as they can, probably in the hope that they will be able to retain at least a portion of it.
That's why it's called the Free Market - the crooks are free to abscond with the money!