Report: Martin Shkreli, ‘Pharmo Bro’ slammed for raising drug prices, arrested …

23 Dec 2015 | Author: | No comments yet »

‘Hated’ Drug Company CEO Arrested By FBI.

It was previously disclosed that Shkreli, 32, was under investigation by federal authorities related to his management of the MSMB Capital Management hedge fund and his tenure as chief executive of Retrophin Inc., a biopharmaceutical company.Notoriety comes easily to 32-year-old drug company entrepreneur Martin Shkreli, who has managed to offend almost as many people as Donald Trump without having the platform of a nationwide presidential campaign to help him.

Martin Shkreli, the 32-year-old pharmaceutical CEO who drew widespread outrage by remorselessly raising the price of a life-saving pill by 4,000 percent, has been arrested on charges of security fraud, according to news reports.Bloomberg reports today (December 17) that Shkreli has been charged with illegally taking stock from his biotechnology firm Retrophin Inc and using it to pay debts from other, unrelated business dealings. The arrest, which was apparently witnessed by a Reuters reporter in Manhattan on Thursday morning, comes nearly a year after reports first surfaced that Shkreli was being investigated by both U.S. prosecutors and the U.S. The group’s de-facto leader RZA recently hinted that he wouldn’t have sold the album to Shkreli had he known of the Daraprim at the time. “The sale of ‘Once Upon a Time in Shaolin’ was agreed upon in May, well before Martin Skhreli’s [sic] business practices came to light.

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. We decided to give a significant portion of the proceeds to charity,” he said in a statement. “I’m the most successful Albanian to ever walk the face of this Earth,” he claimed. “I bought the album. [There’s a] big fucking check in RZA and Cilvaringz’ pocket now, but [now] they’re starting to turn up on me.” Skhreli added: “This [Wu-Tang] thing is starting to get pretty tense. The scandal went viral, even provoking Democratic presidential candidate Hillary Clinton to tweet that as president, she would end “price gouging” by drug companies. But before Turing, he was head of Retrophin, another drug company, and it’s the way he managed its affairs and funds that is the subject of the federal investigation against him.

The present probe into Shkreli’s activities while still Retrophin CEO has been in progress since at least the beginning of this year, and now prosecutors have finally established sufficient grounds to arrest the Turing CEO. Shkreli’s ruthless tactics have been in evidence for a long time, with his earliest success as a trader coming from short-selling pharmaceutical stocks. When asked about whether he would share the Wu-Tang album with anyone else, Shkreli this week responded in the style that has made him a public pariah: “I’m not going to play it for no reason. Shkreli, who most recently trolled hip-hop fans by buying the only copy of a Wu-Tang Clan album for several millions of dollars, was typically defiant when discussing both the lawsuit and the investigations. “The $65 million Retrophin wants from me would not dent me,” he said of the suit. “I feel great.

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