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  1. #1
    Atomic Punk
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    Default FBI Arrests Notorious Pharma CEO Martin Shkreli

    Martin Shkreli, detested pharma CEO who jacked up price of AIDS pill, arrested for securities fraud: report

    http://www.nydailynews.com/news/nati...icle-1.2468546



    Maybe he can sell that Wu Tang album for bail.

    The notorious pharmaceutical entrepreneur who jacked up the price of a life-saving AIDS pill by more than 5,000% and his former lawyer were arrested Thursday for securities fraud, according to sources.

    Martin Shkreli — the Turing Pharma's CEO who bought Wu Tang’s one-of-a-kind album for a reported $2 million earlier this month — and lawyer Evan Greebel were taken into FBI custody amid a federal investigation related to Shkreli's former hedge fund, a knowledgeable source told the Daily News.

    While infamous for his work at the helm of the drug company, Shkreli's fraud charge comes from his previous work leading a biotech firm and a hedge fund.

    The 32-year-old is accused of illegally using funds from Retrophin, a biotechnology company he founded in 2011, to pay off debts from his failed hedge fund, MSMB Capital Management.

    Greebel, who once worked for Retrophin, was arrested on similar charges.

    Both Shkreli and Greebel are expected to be arraigned in Brooklyn Thursday afternoon.

    Shkreli rose to infamy earlier this year after Turing Pharmaceuticals raised the price of Daraprim — a 62-year-old drug that fights against the life-threatening parasite toxoplasmosis and protects cancer and AIDS patients — to $750 per tablet from $13.50.

    The pill costs about $1 to produce.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Forum Frontman It's Mike's Avatar
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    i love when bad things happen to horrible human beings.
    Last edited by It's Mike; 12.17.15 at 10:21 AM.

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  4. #3
    Atomic Punk Dave's Dreidel's Avatar
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    12.16.17 @ 06:36 AM
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    Moving money from one company to another isn't illegal, unless you try to do it on the sly.

    He obviously tried to do it on the sly.
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    Hang 'Em High jetguy5150's Avatar
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    Hmmm....didn't think Karma worked this fast. Love it.
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  6. #5
    Gird your loins Daisy Hill's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    Moving money from one company to another isn't illegal, unless you try to do it on the sly.

    He obviously tried to do it on the sly.
    I was going to ask how this was illegal, cause if it was, I know of a few people who are in trouble. Of course their businesses are partnerships and not publicly traded, so that is probably the deal..they transferred the debt and did not account for it in public filings?

  7. #6
    Forum Frontman It's Mike's Avatar
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    this is what happens when you draw attention to your business dealings like he did with the disgraceful price increase (and then basically bragging about it) of Daraprim.

  8. #7
    Atomic Punk Dave's Dreidel's Avatar
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    These type of arrests don't come out of nowhere. He was under investigation by the SEC long before he did the Daraprim increase. He maybe needed the revenue to pay for all the attorney fees, that's why he raised it so much.
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  9. #8
    Gird your loins Daisy Hill's Avatar
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    Martin Shkreli has no shits to give. what an obnoxious narcissist

    appears before Congress and all but tells them to "suck it" no respect for anyone

    http://da.feedsportal.com/c/35492/f/...tories/ia1.htm

  10. #9
    Atomic Punk CaboChris's Avatar
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    Quote Originally Posted by Daisy Hill View Post
    Martin Shkreli has no shits to give. what an obnoxious narcissist

    appears before Congress and all but tells them to "suck it" no respect for anyone

    http://da.feedsportal.com/c/35492/f/...tories/ia1.htm
    Saw some video of him on FB.

    I don't advocate violence but I wouldn't lose sleep if he got Rodney'd.

  11. #10
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Couple interesting things I read about this.

    One, there is an article in the New Yorker that mentions some of what I did in a previous thread, which is that the regulatory structure of the FDA is as much to blame as Shkreli. Sure, it takes a "special" person to do what he did, but the regulatory structure protected him by giving him a monopoly on a drug that has been generic since the 1950s.

    Apparently, Shkreli wasn't the only one, as part of the questioning involved Janet Woodcock, an F.D.A. official in charge of drug evaluation. "[Rep. John] Mica asked her about reports that a number of drugs had doubled or quadrupled in price in recent years," according to the New Yorker.

    She replied, "'Congress has not really vested any authority for the F.D.A. over pricing, so we do not follow that.'"

    But that leads me to another interesting point, which Quartz points out. Shkreli resigned as CEO of Turing Pharmaceuticals in mid-December, yet Turing has still not lowered the price of Daraprim. (Remember, Turing announced in September it would lower the price, then walked that back in November.) So how much is Shkreli to blame?

    The New Yorker asserts that maybe what Shkreli wanted was attention. In fact, he was begged by people in the industry not to increase the price. "Last fall, Derek Lowe, a chemist and blogger affiliated with Science, criticized Shkreli’s plan to raise prices as a 'terrible idea,' not least because such an ostentatious plan posed 'a serious risk of bringing the entire pricing structure of the industry under much heavier scrutiny and regulation.'” But perhaps more surprising, "[o]ne of the most revealing documents uncovered by the committee showed an unnamed executive imploring him not to raise the price of Daraprim again, saying that the risk of another media firestorm outweighed the benefit."

    The argument is that if Shkreli did this based solely on greed, he was shooting himself in the foot by bringing the industry closer to price controls. But what do we make of Turing continuing to keep the price of the drug so high nearly two months after Shkreli resigned?

  12. #11
    Forum Frontman fudd's Avatar
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    So what did they nail the prick with charges wise?


    Sent from my iPhone using swagger

  13. #12
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Quote Originally Posted by fuddman5150 View Post
    So what did they nail the prick with charges wise?


    Sent from my iPhone using swagger
    Fraud re:a hedge fund he co-founded.


    Sent from my iPhone using Tapatalk

 

 

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