Ex-drug executive Shkreli has $40 million trading loss: U.S.

[xocet]

Source: Reuters

NEW YORK | By Nate Raymond
Wed Feb 3, 2016 1:14pm EST


Former pharmaceutical executive Martin Shkreli suffered a roughly $40 million drop in the value of a trading account used to secure his bail following his arrest on securities fraud charges, a U.S. prosecutor said on Wednesday.

At a hearing in federal court in Brooklyn, Assistant U.S. Attorney Winston Paes said the account contained mostly shares of KaloBios Pharmaceuticals Inc KBIOQ.PK, a drug company that Shkreli briefly ran.

KaloBios filed for bankruptcy in December, wiping out most of its equity value. That caused the value of Shkreli's E*Trade brokerage account to drop to $4 million to $5 million, from the $45 million level when it had been frozen, the prosecutor said.

Paes told U.S. District Judge Kiyo Matsumoto that Shkreli may need to post new assets to secure his $5 million bond, which was issued following the 32-year-old's arrest in December.

Read more: http://www.reuters.com/article/us-usa-crime-shkreli-idUSKCN0VC243

[padfun]

1. DAMN

that karma is such a bitch!

[turbinetree]

2. They are coming for you dude ...............................

they really are coming for you......................

The government has more money than you do---------------you may have thought otherwise, but you were Wrong,,

http://heavy.com/news/2015/12/martin-shkreli-net-worth-age-bio-arrested-securities-fraud-charges-lawsuit-wu-tang-brooklyn-manhattan-home-twitter-linkedin-turing-msmb-albanian/




Honk------------------for a political revolution Bernie 2016

[marble falls]

3. That's really gotta hurt. Too bad it doesn't do his HIV victims any good ...

He needs to think about that bit of reality when everything else he has is tied up in lawsuits all around the world.

[Moostache]

4. Karma is a bitch.

Pharma-bro was one of the most despicable people of the last decade, and THAT takes an awful lot of bad to crack the list.

Its nice to see one of the poster boys of bad behavior and amoral existence twist, but it would be far nicer still to see a sweeping change in our societal values that made such sociopaths pariahs BEFORE the Feds were charging them with felonies.

[Uben]

12. REal Karma woould be......

......raising the amount of his bail 700% overnight! Show the bastard how it feels!

[dixiegrrrrl]

14. There you go!!!!!

[BuelahWitch]

5. .

[ChairmanAgnostic]

6. Eddie Murphy's line in Trading Places seems apropos

"The worst thing you can do to a rich dude is to make him poor."
If he is so poor that his bail is now insufficient, wow.

[JustABozoOnThisBus]

8. His account is still worth 4 or 5 million. I wouldn't call that "poor".

Plus, that's probably just one of his accounts.

Our dear CEO (former) is probably just fine. If not, he can start a GoFundMe account.

[NurseJackie]

7. What a pity.

[dhill926]

9. too bad...

he won't be able to afford his own medicines...

[Bryce Butler]

10. ...

[getagrip_already]

11. maybe..

he should have endorsed Trump instead of bernie.

boo-hoo. but how is he going to afford his new legal team?

[Monk06]

13. A frozen trading account has the life span of a snow flake on a summer sidewalk

[SwankyXomb]

15. The traditional Wall Street response to this sort of thing

is a short walk off a tall building.