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liberal N proud

(60,302 posts)
Thu Dec 17, 2015, 09:56 AM Dec 2015

Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges

32-year-old suspected of plundering Retrophin to pay debts

A boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested by federal agents at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.

Martin Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.

In the case that closely tracks that suit, 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.

http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/

Hope he rots in jail.

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Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges (Original Post) liberal N proud Dec 2015 OP
I hope he's forced to listen to Wu Tang Clan 24/7 lapislzi Dec 2015 #1

lapislzi

(5,762 posts)
1. I hope he's forced to listen to Wu Tang Clan 24/7
Thu Dec 17, 2015, 10:33 AM
Dec 2015

Since he paid for that privilege...to WTC's credit, they donated the money to charity.

Although I assume the little shit will make every effort to buy his way out.

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