Remember the pharmaceuticals CEO who raised the price of a drug called Daraprim (a drug used by AIDS and cancer patients) by over 5000% and was consequently spurned by Bernie Sanders? The one who publicly admitted that he wasn’t about helping the sick? The one who only recently was about to raise the price of another drug (used to treat Chagas disease, a parasitic infection that can cause potentially lethal heart problems) by 99,900%?
Martin Shkreli was arrested early Thursday morning by the FBI… but NOT for his unethical pricing of life-saving drugs.
He was arrested for his former role heading a hedge fund named MSMB Capital Management and the biopharmaceutical company Retrophin Inc; he allegedly used assets from Retrophin to pay off debts that MSMB had incurred after the hedge fund lost millions of dollars. He was ousted from Retrophim and sued by the board afterwards.
He drew the ire of the American public for his cutthroat pricing; the BBC called him the “most hated man in America” and Donald Trump called him a “spoiled brat.”
He had no remorse for his actions, and said that if he could have done it over, “I probably would have raised the price higher,” adding, “my investors expect me to maximize profits.” It seems he was arrested precisely because he had stolen money from his investors…
Reuters witnessed his arrest. He is expected to be charged on Thursday for securities fraud.
Federal prosecutors in Brooklyn launched the probe back in January when they sent Retrophin a subpoena inquiring after its relationship with Shkreli.
Shares in one of the pharmaceuticals companies currently heads, KaloBios Pharmaceuticals, have plunged a whopping 50% on the news.
Updates:
Evan Greebel, Retrophin’s lawyer, was also indicted for aiding Shkreli by writing the deals that would benefit Shkreli at the expense of Retrophin and its clients.
Speaking of lawyers, the New Yorker wrote a satirical piece that would have been ultimate justice- were it true:
BROOKLYN (The Borowitz Report)—A criminal lawyer representing Turing Pharmaceuticals chief Martin Shkreli has informed his client that he is raising his hourly legal fees by five thousand per cent, the lawyer has confirmed.
Minutes after Shkreli’s arrest on charges of securities fraud, the attorney, Harland Dorrinson, announced that he was hiking his fees from twelve hundred dollars an hour to sixty thousand dollars.
Shkreli, who reportedly received the news about the price hike while he was being fingerprinted, cried foul and accused his attorney of “outrageous and inhumane price gouging.”
“This is the behavior of a sociopath,” Shkreli was heard screaming.
For his part, Shkreli’s lawyer was unmoved by his client’s complaint. “Compared to what he pays for an hour of Wu-Tang Clan, sixty thou is a bargain,” he said.
Sources: CNBC, Bloomberg, New Yorker, Forbes
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Karma will allways get you mtf.
Cowards! Although I mostly agree with the article, it is disgraceful for you to operate in anonymity. If you believe in what you spew out into the world, then put your fucking name on it. If you and your stories continue to lack the credibility of a common thug, then keep hiding. You remind me of an ISIS coward with a covered face. Step up, cowards!
It because of the Anonymouse being you can publisch this artikels, dont’t bleam the righter for his behave, blame the money spenders for this cain’t off behave, nothing had to do with being a cowards, that are people that suc the live off others by saying thats the way to earn money. Bankers are thiefs, thiefs oyu put in jail !!!
So others know what he said- It’s because of them being anonymous he can publish this article, Don’t blame the writers for his(shkreli) behaviour. Blame the money spenders for this kind of behaviour, nothing has to do with them being cowards. They’re people who suck life off others by saying “that’s the way you make money”. Bankers are theives and theives are put in jail.