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Pharma Bro Martin Shkreli arrested for securities fraud
Key Excerpts from Article on Website of Washington Post
Posted: December 20th, 2015
https://www.washingtonpost.com/news/business/wp/2015/12/17/p...
Martin Shkreli, the 32-year-old former hedge fund manager notorious for jacking up the price of an obscure but critical drug, was arrested Thursday on securities fraud charges. The charges are unrelated to Shkrelis leadership of Turing Pharmaceuticals. Instead, the charges brought by the U.S. attorney for the Eastern District of New York are related to Shkrelis time at Retrophin, another bio-pharmaceutical company he founded, and his time at MSMB Capital Management, a hedge fund. Federal prosecutors alleged that for five years, Shkreli lied to investors in two hedge funds and bio-pharmaceutical company Retrophin, all of which he founded. After losing money on stock bets he made through one hedge fund, Shkreli allegedly started another and used his new investors money to pay off those who had lost money on the first fund. Then, as pressure was building, Shkreli started Retrophin, which was publicly traded, and used cash and stock from that company to settle with other disgruntled investors. Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit, U.S. Attorney Robert L. Capers told reporters. His plots were matched only by efforts to conceal the fraud, which led him to operate his companies ... as a Ponzi scheme. At his arraignment Thursday afternoon, Shkreli pleaded not guilty. He was released on $5 million bond.
Note: The unrepentant profiteering of big pharma and financial industry corruption seem to go hand-in-hand for Martin Shkreli.
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