​New charges for ex-pharmaceutical executive Martin Shkreli

[groundloop]

Source: CBS News

NEW YORK -- Federal prosecutors in New York have filed additional criminal charges against a pharmaceutical executive who was heavily criticized for raising the price of a lifesaving medication.

A new indictment filed Friday in Brooklyn says Martin Shkreli and his former attorney Evan Greebel schemed to defrauded potential investors of his former drug company Retrophin Inc., based in San Diego. They say the two allocated company stock to seven employees to conceal Shkreli's ownership of it.

Shkreli gained notoriety after a drug company he founded, Turing Pharmaceuticals, spent $55 million for the U.S. rights to sell a life-saving medicine called Daraprim and promptly raised the price about 5,000 percent from $13.50 to $750 per pill.

In February, he infuriated U.S. lawmakers when he exercised his Fifth Amendment right against self-incrimination in a hearing on the issue before the House Oversight and Government Reform Committee.

Read more: http://www.cbsnews.com/news/new-charges-for-ex-pharmaceutical-executive-martin-shkreli/

---

Hopefully this greedy bastard will rot in prison for many years.

[puffy socks]

1. Good!

I cannot understand how someone so simpleminded got so far?
How does someone who has so crappily and stupidly hidden their crimes ever convince ppl to put him in charge of a multi million dollar hedge fund?

Was it butt kissing?

[bucolic_frolic]

3. Hedge fund manager is not a high bar

Degree, preferably technically oriented
Training in candlestick charts and markets
Pass License exams
Trade for awhile and make money

Could be done in 2 years

[puffy socks]

7. Oh wow

I had no idea it was that easy.

[LittleGirl]

15. Really?

That's b.s. They should have laws about this process...like lawyer type bar exams or something. That is what is killing the middle class. ugh. thanks for the info.

[bucolic_frolic]

19. Really high profile investors

the Icahn's and Peltz's of the world, usually have law degrees, or at least
accounting degrees

But proprietary trader is a viable path to hedge fund manager, if you're good at it

For some reason people in technical fields seem to do well - physics, math, the sciences -
good with numbers

First job is usually with an investment trading firm, with access to firm capital

There are good firms to start with, and bad ones who grind you up

The book "One Good Trade" was written by one of the most prominent in NYC
but it's really for folks with high profile degrees, as competitive as the best of MBA programs

If you really want a look at the dark side of life in the fast lane, NYC traders, RUN to your
library and get the book "The Buy Side: A Wall Street Trader's Tale of Spectacular Excess" by Turney Duff
Somehow he landed at the top with a degree from a respectable midwest school as I recall

[GummyBearz]

5. In my experience some people are good "talkers"

They can get in front of a big crowd, give a charismatic presentation, engage the entire audience, convince everyone you know what you are doing and you are the right guy for the job. But if one were to dig a little deeper you would find that not far below the surface is nothing but bullshit. I haven't seen this to the level you describe (CEO/hedge fund manager), but I have seen people's careers take off like a rocket through the ranks of a billion dollar corporation due to this ability to just give a good speech.

[puffy socks]

8. But that smug mug

Can ppl not see that?
Maybe they like it?
Ick
I hope he pays big time, in a real prison not a condo with a tall fence around it

[GummyBearz]

9. ...

Part of the show.

Btw you just wrecked my existence. I literally live in a condo, with a tall fence around it. At least I have a key to the gate though

[7962]

16. And thats exactly how this guy has made it.

I have experience with this bastard from years before all this broke out. What he does is heavily short a company, then he will file a "Citizens Petition" with the government that is loaded with BS. Then he announces that he filed the petition & people who dont know any better run for the hills. By the time the Govt dismisses his "petition", he has covered his short and made ton of money. The ones who follow him have made money as well.
And the laws dont have punishment for frivolous petitions, so he just keeps doing it. |
Then he came up with the idea to buy the old drugs & raise the price, something that would get little attention if the raises werent so huge.
I hope to see him toted off for a long time, but the govt better have a damn good case

[jmowreader]

23. I didn't know what a Citizen Petition was until you mentioned it

So I went looking...and came up with one of Shkreli's!

http://www.businesswire.com/news/home/20110607007135/en/MSMB-Submits-Citizen-Petition-FDA-Requesting-Denial

[7962]

24. You are quite the sleuth! Thats the one I was referring to!

He cost NAVB considerable time and money (and me money), trying to stop approval of a BREAST CANCER DIAGNOSTIC drug. And the thing is, the FDA MUST review & consider the petition by law, and there is no punishment for submitting one full of BS. His was full of inaccuracies & outright falsehoods. It was rejected & the drug approved, but the damage to the company was done & they still havent recovered in the years since. And the FDA doesnt have to explain the rejection, they just release "petition rejected"
He had no concern that this was the 1st new drug of its type in 30 yrs & removed the pain that breast cancer patients suffer when injected with the old alternative diagnostic. He just wanted the money.
I'm glad he's being exposed for what he is to the rest of the world

The CP was established so the average citizen could express concerns to the FDA just as any medical group could. But as usual, the govt left the law open to this kind of abuse without punishment.

I used to advocate for someone to grab him off the streets of NYC and beat the living shit out of him.

[IronLionZion]

11. One could say the same about Donald J Trump

I would never trust him to run anything.

[puffy socks]

12. Exactly

He's a complete moron who just had daddy's money to throw around

[bucolic_frolic]

2. He'll be under observation for decades

just to see what mischief he worm his way into

gives them something to do

[Warpy]

4. Well, they have to make a few of them stick.

He was a liar and a conman who bilked people out of money at his Ponzi style hedge fund. He might have stayed barely on the right side of weak and unenforced law on that one.

Sadly, there is no law against extorting sick people by jacking up the price of the drugs that are keeping them alive to impossible levels. There should be.

[brer cat]

6. I hope it wipes that smirk off his face.

He is truly disgusting.

[7962]

17. In all my years of watching testimony before Congress,

I have NEVER seen ANYONE sit there like this piece of shit did. That smirk you mention. You could tell he had NO respect or concern for the proceedings.
He has got to be put in his place

[gregcrawford]

10. This festering pustule...

... is the distilled essence of all that is poisonous and putrid about the unbridled greed of capitalism.

Too many believe that capitalism is synonymous with free enterprise; it is not. Capital is money. Capitalism is the manipulation of money to enrich a few at the expense of the rest of us.

The word, "Free" in free enterprise means freedom OF responsibility, not freedom FROM responsibility. We are free to embark on business enterprises within the parameters of the law and common human decency.

The laws of corporate governance were written by sewer scum like Shkreli to enable them to rape the economies of entire nations. Just look at what Goldman Sachs did to this country and several European nations, and what various shitbag hedge fund managers are presently doing to Puerto Rico. These sociopaths don't deserve to breathe decent people's air, yet they walk free while their victims are persecuted. Perhaps we should consider making ALL corporations conform to the strictures of Beneficial Corporations, or the motherfuckers cannot do business in this country.

[Feeling the Bern]

13. Pharma Bro is about to become Inmate Bro.

[KansDem]

14. Sentence him to one year in prison...

Then multiply that by 5,000.

He'll understand.

[7962]

18. You win the internet today!!! And I am going to spread that around!

brilliant!!!!!

[Arazi]

21. Best answer ever for that scunbag

[passiveporcupine]

22. Oh yeah!

[Joe Chi Minh]

26. But first, say they are to be concurrent one-year terms ; then,

after he slumps back in his seat with relief on hearing the words, 'concurrent terms', say : 'No.They must be consecutive one-year terms.'

But perhaps you don't have a legislature that insults your intelligence in the same way that the legislature of the UK insults ours.

[sinkingfeeling]

20. Bet he's hoping his hero 'businessman' Trump is

elected so he can be pardoned.

[7962]

25. Even Trump called him "disgusting" & a "spoiled brat".

Shkreli seems to be universally hated by most, which is wonderful. Although if you look at his Twitter feed, you see he has many supporters; I imagine most are hoping to cash in on one of his schemes. And many women follow him as well & feed his ego, hoping to be noticed by him. Attack him and they swarm you. Its disgusting