Turing’s reviled Shkreli indicted for securities fraud over “Ponzi-like” scheme

Remember this...

As Turing’s CEO, Shkreli gained public notoriety by dramatically hiking the price of the life-saving drug, Daraprim. The decades-old drug is used to treat a parasitic infection and is often given to AIDS patients and babies. Turing's decision to jack up the price of Daraprim by more than 5,000 percent is being investigated by lawmakers.

Now it has come to this...

In a seven-count indictment unsealed Thursday, Martin Shkreli, the embattled CEO and founder of Turing Pharmaceuticals, has been charged by the FBI with securities fraud, securities fraud conspiracy, and wire fraud conspiracy for allegedly orchestrating three interwoven schemes. In what the Department of Justice terms “Ponzi-like” schemes, Shkreli allegedly defrauded investors of two former hedge funds he managed and misappropriated $11 million in assets from the biopharmaceutical company he once headed, Retrophin, all in the course of about five years.

Link

Don't know if the investigation preceded the price hike but it looks a bit like karma came a calling. I wonder if it was only his greed or if he took advantage of the wrong person(s) in his crooked dealing.

a reply to: roadgravel

Since the government is only one who hold the rights to his bail, they could jack it up 100-fold yeah?

a reply to: roadgravel

I just read that he's apparently been live streaming himself the last several days, including while he sleeps (because he's so important and all that people would care to watch him sleep) and got a phone call from an FBI agent. He hung up on the agent and was taken in to custody shortly thereafter.

His poor, poor ego.

Live stream. Who, but the feds, would be interesting in watching that one. I think the man may not have been the high level player he thinks he was.

a reply to: roadgravel

I don't have the patience to list the point by point bullet list where this man fits all the criteria for a psychopath.

He is sick and sick in a way that cannot be fixed.

Martin Shkreli’s other pharma company is dramatically collapsing

Martin Shkreli, chief executive officer of Turing Pharmaceuticals LLC, exits federal court in New York, US, on Thursday, December 17, 2015. Shkreli was arrested on alleged securities fraud related to Retrophin Inc., a biotech firm he founded in 2011.

In a swift set of blows, KaloBios Pharmaceuticals, Inc., a biotech company formerly headed by Turing’s Martin Shkreli, announced that it is being delisted from the Nasdaq stock exchange, and that the company's interim CFO and accounting firm have both resigned.
...
In a press release dated Wednesday, KaloBios reported that the Nasdaq informed the company in a letter sent December 18 that it would be delisted from the exchange. The letter cited a number of reasons for the delisting, including Shkreli’s indictment plus the simultaneous indictment of Evan Greebel, the company’s former outside counsel.
...
The day of Shkreli’s arrest, trading halted on KaloBios shares and it has not resumed. The company’s stock is set to be removed from Nasdaq on December 30