Martin Shkreli Arrested on Fraud Charges

23 Dec 2015 | Author: | No comments yet »

‘Hated’ Drug Company CEO Arrested By FBI.

Martin Shkreli, that drug company CEO who hiked a life-saving Aids drug by 500 percent? Turing Pharmaceuticals CEO Martin Shkreli, dubbed “the most hated man in America” for gouging patients dependent on a drug used for HIV and cancer treatment, was arrested at his home in Manhattan today (Dec. 17) on securities fraud charges related to his past business interests, Bloomberg and Reuters report. Prosecutors have reportedly charged him with using illegally acquired stock from Retrophin, a biotechnology firm he founded in 2011, to pay off other business debts, after his defunct hedge fund MSMB lost millions. Daraprim, which fights parasitic infections among those with compromised immune systems, has been around for decades, but Turing procured the rights to it in August. The scandal went viral, even provoking Democratic presidential candidate Hillary Clinton to tweet that as president, she would end “price gouging” by drug companies.

After the price hike drew widespread ire, Shkreli vehemently defended his decision with quotes by rapper Eminem, sealing his “pharma bro” reputation. She never thought she’d be writing to MPs, and distributing petitions, and co-founding a grief counseling group with the families of homicide victims. The company’s stock was trading at less than $1 before he made the move, and the stock subsequently rose to as high as $39.50, giving the company a market value of more than $100 million. Shkreli was also unmasked this month as the person who reportedly paid $2 million for the only copy of the new Wu-Tang Clan album, “Once Upon a Time in Shaolin.

The Ancaster teacher has made it her mission to lobby the government until a controversial legal defense in murder cases called provocation is gone for good. He also revealed this week he wants to bail out jailed rapper Bobby Shmurda, who was arrested on gun charges and gang conspiracy in 2014. “I’ll show up with $2 million bail money no fucking problem,” Shkreli told Hip Hop DX. While there have been many changes at CHCH over the last few days, long-time reporter and host Donna Skelly leaves the station with great memories that she wanted to share. Shkreli’s extraordinary history — and current hold on the public imagination — makes the case more noteworthy than most involving securities fraud.

The son of immigrants from Albania and Croatia who worked as janitors and raised him deep in working-class Brooklyn, Shkreli both epitomizes the American dream and sullies it. As a youth, he showed exceptional promise and independence and, after dropping out of an elite Manhattan high school, began his conquest of Wall Street before he was 20. His company, Turing Pharmaceuticals AG, bought the drug, moved it to a closed distribution system and instantly drove the price into the stratosphere. Television news reporter Adam Sallet was doing a story on bank robbery in Minnesota, when the alleged robber returned to the bank to rob it again. (KIMT-TV) KIMT-TV reporter Adam Sallet was standing outside the Sterling State Bank in Rochester on Tuesday when a bank employee ran out and pointed at the robbery suspect who was leaving the scene. “That’s the robber,” Sallet said on the air. “This is live TV folks.

The moves drew shocked rebukes from Congress, public-interest groups, doctors and presidential candidates, and cast an unwelcome spotlight on the rising prices of older drugs. A spokesman said in October that the campaign would not keep money “from this poster boy for drug company greed.” Shkreli initially responded to the criticism by saying he would lower the Daraprim price and then changed his mind again. When Hillary Clinton tried one more time last month to get him to cut the cost, he dismissed her with the tweet “lol.” At a Forbes summit in New York this month, wearing a hooded sweatshirt, he said if he could have done it over, “I probably would have raised the price higher,” adding, “my investors expect me to maximize profits.” In fact, it is not only his drug pricing that has turned him into an object of public derision. He spars often on Twitter and message boards, parading his business strategies, musical tastes and politics; he live-streams from his office for long stretches. By submitting your comments, you acknowledge that CBC has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever.

Retrophin sued Shkreli in August for misuse of company funds, claiming he engineered numerous transactions between investors in MSMB and the biotechnology firm. The company alleged in a complaint filed in Manhattan federal court that, through a disastrous trade with Merrill Lynch in 2011, Shkreli cost MSMB more than $7 million, leaving it virtually bankrupt.

The Securities and Exchange Commission, which according to court documents opened an investigation into Shkreli in 2012, is expected to file a parallel civil complaint against him, according to people familiar with the matter.

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