Turing Pharmaceuticals executive Martin Shkreli, who was reviled for raising the price of an HIV-treating drug by 5,000 percent, was arrested Thursday on suspicion of securities fraud related to his previous hedge fund, according to Bloomberg Business.
Prosecutors allege Shekreli took stock from a biotech firm he started in 2011 to pay off unrelated debts, according to Bloomberg. He later was ousted from the company, Retrophin Inc., and sued by the board.
From Bloomberg:
Federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He’s accused of conspiring with Shkreli in part of the scheme.
Shkreli hasn’t commented publicly since his arrest.
He made headlines as pharma’s bad boy in September when he raised the price of a drug, Daraprim, that treated deadly parasitic infection from $13.50 per pill to more than $750. He later said he would lower the price.
Sen. Bernie Sanders’ (I-VT) presidential campaign rejected a $2,700-donation (the maximum individual donation to a candidate) from Shkreli in October. The campaign forwarded the donation to the Whitman-Walker health clinic in Washington, D.C.
But Shkreli couldn’t stay out of the headlines for long. He bought the sole copy of rap collective Wu-Tang Clan’s latest album, Once Upon a Time in Shaolin, in early December for $2 million.
Karma’s a bitch and Shkreli’s her puppy
One hopes that this will play out like the prosecution of Al Capone. Couldn’t nail him for most of the horrendous things we know he did, but anything that will put him in prison will suffice, thank you very much.
An early Christmas present from Obama to America.
He’ll probably never see a jail cell, but it will cost him lots of money.
the feds better have this one locked down tight; because if he walks away from this, he’ll be even more ruthless with a feeling of invulnerability… and you can be sure he’ll hire the best defense attorneys – all likely former sec officials.
i can’t wait until his mugshot is released; and that can be used every time this ruthless little prick shows up in the media, instead of those with that seemingly permanent smirk that are currently used.
Whaaaaat? A unethical hedge fund manager a-hole (who decided to quit the hedge fund (shell) game to try his hand at price gouging deathly ill human beings… because what other next step is there for a hedge fund manager?) is found to also have broken laws to further enrich himself?!? Naaaah!