Scams, Money, & Murder: The Mysterious Deaths of Barry and Honey Sherman

Episode Overview In the gripping episode titled "Murder: Barry and Honey Sherman," hosted by Nicole Lapin of Crime House Studios, listeners are taken through the enigmatic and tragic demise of one of Canada’s wealthiest couples. Released on May 29, 2025, this episode delves deep into the lives, successes, struggles, and ultimate untimely deaths of Barry and Honey Sherman, unraveling the complexities behind one of Toronto’s most notorious unsolved murder cases.

1. Background of Barry Sherman

Early Life and Education Barry Sherman was born on February 15, 1942, in Toronto, Canada, into a family deeply rooted in hard work and resilience. His grandparents were refugees escaping anti-Semitic violence in Russia and Poland during the 1920s. Barry’s father climbed the corporate ladder to become the president of Empire Laboratories, a small zipper manufacturing company. Tragedy struck early when Barry's father died of a heart attack in 1952 when Barry was just ten years old. This loss significantly impacted Barry, leading to lifelong insomnia and social struggles despite his academic excellence.

Career Beginnings and Empire Laboratories At 18, Barry began working part-time for his uncle Lou Winter at Empire Laboratories. By 1967, alongside his best friend Joel Ulster, Barry purchased the struggling company, pledging to revitalize it and secure an inheritance for his orphaned cousins. They invested $250,000 and took on Empire’s debts, learning the pharmaceutical business from the ground up. Under Barry’s meticulous management, Empire thrived, increasing annual sales from $800,000 to $2 million by 1973. Their success culminated in the lucrative sale of Empire to California-based ICN, earning Barry and Joel each over $300,000—a significant sum that marked Barry's entry into the upper echelons of Canadian business.

2. Founding and Growth of Apotex

Establishing Apotex After selling Empire, Barry joined ICN as an executive but was swiftly fired due to disagreements over leadership. Undeterred, he founded Apotex, a new pharmaceutical company focused on developing and acquiring generic drug patents. Determined to make Apotex the largest generic drug manufacturer in Canada, Barry adopted a frugal approach, personally overseeing operations and reinvesting every penny into the business.

Breakthrough and Expansion The breakthrough came in 1984 with the Hatch-Waxman Act, which allowed generic manufacturers to develop drugs before brand-name patents expired. Barry seized this opportunity, positioning Apotex to compete directly with giants like Pfizer and Bristol Myers Squibb. By 1987, Apotex became Canada’s largest generic pharmaceutical company, introducing vital drugs such as the first generic HIV treatment and Prozac. Barry's aggressive legal strategies against Health Canada and his relentless pursuit of growth solidified Apotex's dominance in the industry.

Philanthropy and Family Life Despite his business successes, Barry's personal life was a mix of family dedication and internal strife. Married to Honey Reich in 1971, their relationship was marked by both love and conflict, especially concerning financial decisions and parenting styles. The Shermans were also renowned philanthropists, contributing millions to Jewish organizations, medical research, and Mount Sinai Hospital in Toronto. However, Barry's relationships with his four orphaned cousins were strained, culminating in significant legal disputes over the promised shares from the Empire Laboratories sale.

3. Legal Troubles and Family Conflicts

Cousins' Lawsuit In January 2007, Barry faced a severe lawsuit from his cousins, the Winter brothers, led by Kerry Winter. They alleged that Barry had reneged on his promise to allow them to purchase shares of Empire Laboratories, entitling them instead to 5% of Apotex. Barry retaliated by demanding repayment of all the money he had loaned them, leading to immense financial strain on his cousins. Although Jeffrey Winter eventually withdrew, Carrie and Dana Winter continued the lawsuit, which dragged on for a decade, exacerbating family tensions.

Corporate Scandals Simultaneously, Apotex was embroiled in multiple legal battles, including a price-fixing scandal in the late 1990s and an import ban in 2017 due to fraudulent data in drug manufacturing. These issues not only tarnished Barry’s reputation but also placed significant financial burdens on Apotex, further straining his personal and professional life.

4. The Day of the Murders

December 15, 2017 Barry and Honey Sherman were found dead in their upscale Toronto home on December 15, 2017. The couple was discovered by real estate agent Elise Stern while she was showing the property to potential buyers. Both victims were tightly bound by their necks to a three-foot railing near their indoor pool, indicating a violent and premeditated murder.

Initial Investigation Upon discovery, authorities initially suspected a murder-suicide scenario. The lack of immediate evidence suggested that the Shermans might have acted out of despair. However, discrepancies soon emerged. Honey exhibited a cut on her cheek, and further analysis revealed that both Barry and Honey had been strangled with a thin wire cord rather than the belts found around their necks—a detail indicating foul play.

5. Reopening the Case

Family's Doubts and Private Investigation The Sherman children were unconvinced by the murder-suicide theory. They hired a private investigator and a medical examiner, whose findings contradicted the official narrative. The private autopsy revealed that both victims had been restrained before their deaths and that the strangulation was inflicted by a different ligature. These revelations led the police to reclassify the case as a double homicide in January 2018, six weeks after the bodies were found.

Potential Suspects The investigation explored various suspects, including:

• Kerry Winter: Barry’s cousin, who had previously fantasized about Barry’s death, but he provided an alibi attending a cocaine anonymous meeting during the time of the murders.
• Jonathan Sherman: Barry’s son, faced with a hefty financial obligation of $50 million to repay Barry’s legal fines. However, Jonathan also had an alibi and cooperated fully with authorities.
• Frank D’Angelo: A business associate who had squandered significant funds of the Sherman family, yet his reliance on Barry for financial support made him an unlikely suspect.

Business Rivals and Enemies Given Barry's aggressive business tactics and the numerous legal battles, suspicion also fell on business rivals and possible enemies within the pharmaceutical industry. The existence of offshore accounts and shadowy investments hinted at a complex network that could harbor potential threats.

6. The Investigation's Stalemate

Lack of Evidence and Closure Despite extensive investigations, the case remains unresolved. The initial mishandling of evidence and the absence of concrete leads have left the murders shrouded in mystery. The possibility of a professional hit due to Barry’s extensive involvement in international business and legal disputes cannot be dismissed, yet no substantial evidence has surfaced to identify the perpetrator.

Ongoing Speculations Speculations continue to link the murders to Barry’s aggressive legal battles, particularly the unresolved lawsuit with his cousins and the price-fixing scandals involving Apotex. The complexity of his financial dealings and the presence of potentially dangerous rivals make the case even more perplexing.

7. Legacy and Reflection

Aftermath for Apotex and the Sherman Family In the wake of Barry and Honey’s deaths, Apotex managed to stabilize and continue its operations. The Sherman children opted to demolish the family home and move forward with their lives, distancing themselves from the shadows of their parents' legacy. The unresolved nature of the murders leaves a lingering sense of tragedy, emphasizing how wealth and power can intersect with personal turmoil and unspeakable violence.

A Tragic Conclusion Nicole Lapin poignantly summarizes the saga by highlighting the paradox of Barry and Honey’s lives: outwardly successful and philanthropic, yet plagued by internal conflicts, legal battles, and ultimately, a violent end. The Shermans’ story serves as a stark reminder that the pursuit of wealth and power can sometimes lead to unforeseen and devastating consequences.

Notable Quotes

• Nicole Lapin [04:45]: "Empire Laboratories was held in a trust for Lou and Beverly's young children. In the meantime, it was managed by a couple of lawyers and a chemist. A sensible decision, but one that Barry resented."

• Nicole Lapin [16:36]: "There was no nothing they could do to stop him. Carrie had to sell three homes to pay back the almost $8 million he owed Barry."

• Nicole Lapin [34:09]: "The most tragic thing about this whole story is about how unnecessary it all was. Barry and Honey didn't even seem like they enjoyed being billionaires right up until the end."

Conclusion

The tragic deaths of Barry and Honey Sherman encapsulate a complex narrative of ambition, familial obligations, legal entanglements, and unresolved mysteries. Despite their substantial contributions to the pharmaceutical industry and philanthropy, the Shermans' lives ended abruptly and violently, leaving behind a web of unanswered questions. As the investigation remains open, the case of Barry and Honey Sherman continues to capture the intrigue and sorrow of true crime enthusiasts, symbolizing how even the most affluent lives can harbour deep-seated troubles and lead to unforeseen tragedies.

Note: This summary excludes advertisements, introductions, and outros from the original podcast transcript, focusing solely on the substantive content related to Barry and Honey Sherman’s story.