Turing CEO Martin Shkreli in custody after securities probe

[cigaretteman]

Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe.

Calls to an attorney that has represented Shkreli in the past were not immediately returned. His arrest was confirmed Thursday by FBI spokeswoman Kelly Langmesser.


A furor over the staggering price hike triggered multiple government investigations and pledges from politicians to rein in soaring prescription drug prices. Those include newly approved medicines costing around $100,000 a year and some old, formerly cheap generics.

Rising pharmaceutical prices has become a topic in the upcoming U.S. presidential race.

http://www.nonpareilonline.com/news...cle_d7a52a39-a4b1-59b0-a61c-0eb0a0a83281.html

 

[Trevor4Iowa]

I love it when karma works!

 

[pablow]

Good. This little prick needs to go to prison.

 

[CarolinaHawkeye]

Good. This little prick needs to go to prison.

A maximum security prison would be nice but we know that won't happen.

 

[cigaretteman]

Martin Shkreli, the drug executive who was widely criticized for sharply raising the price of a drug used by HIV patients, has been arrested by federal agents on charges that he misused funds at the company he founded.

The charges were first reported by both Reuters and Bloomberg – which only yesterday was reporting on Shkreli's skills at short selling.

Today, Bloomberg reports:

"Prosecutors charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it [to] pay off debts from unrelated business dealings. He was later ousted from the company, where he'd been chief executive officer, and sued by its board."

Shkreli, 32, became notorious among AIDS activists and others in September, when Turing Pharmaceutical, the company he founded after leaving Retrophin, raised the price of Daraprim, a drug that HIV patients have for years used to fight a deadly parasitic infection, from $13 a pill to $750 – a 5,000 percent increase.

This month, he's also been in headlines for his affection for rap music, gaining the nickname Pharma Bro after being identified as the purchaser of the sole copy of the Wu-Tang Clan's album Once Upon A Time In Shaolin, for $2 million.

On Wednesday, Shkreli's Twitter feed was full of responses to his move to bail Brooklyn rapper Bobby Shmurda out of jail.

When reached for comment, a Retrophin spokesperson replied with this statement:

"The Directors of Retrophin replaced Martin Shkreli as Chief Executive Officer more than a year ago because of serious concerns about his conduct. Following his departure, the company authorized an independent investigation of Mr. Shkreli's conduct, publicly disclosed its findings, and has fully cooperated with the government investigations into Mr. Shkreli. Until we have had the opportunity to review the charges against Mr. Shkreli, we cannot comment further."

http://www.npr.org/sections/thetwo-...-pharmaceuticals-ceo-shkreli-on-fraud-charges

 

[BABiscuit]

When he is in court will be the perfect opportunity for Bill Murray to steal the album.

 

[Hawk in SEC Country]

A maximum security prison would be nice but we know that won't happen.

Or a Federal "pound you in the ass" prison.

 

[CarolinaHawkeye]

Or a Federal "pound you in the ass" prison.

I think we are talking the same thing.

 

[St. Louis Hawk]

Or a Federal "pound you in the ass" prison.

 

[Hoosierhawkeye]

And he seemed like such a nice guy. I just can't imagine how someone who raised the price of a life saving drug like that would do something illegal for personal gain.

 

[fredjr82]

 

[lucas80]

He looked a lot less douchey as he was perp walked during his arrest.
As mentioned, Karma is a wonderful thing.

 

[CarolinaHawkeye]

It just goes to show, that it's alright to steal from average folks but don't steal from the rich.