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Shkreli resigns as Turing CEO after arrest in fraud case
Shkreli was arrested for securities fraud last week and the entire world has rejoiced in the news.
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The SeraCare shareholder told CNBC on Friday that he noticed the unusual activity in the stock, believed it was Shkreli responsible for the large short position, and doubted that Shkreli really wanted to buy the company.
Martin Shkreli departing the US Federal Court after an arraignment following his being charged in a federal indictment filed in Brooklyn yesterday.
U.S. police officials arrested Shkreli on Thursday (Dec 17) and charged him with a brazen fraud scheme in which he lied to investors, moved money between investments to cover losses in other vehicles and siphoned off cash for personal expenses.
“Mr. Shkreli expects to be fully vindicated”, his attorneys said in a statement Thursday.
He was once known as “The Most Hated Man in America”, but now Martin Shkreli is listed as “Martin the God” on Twitter.
Many on social media said Shkreli was getting what he deserved.
The maximum sentence for the top count is 20 years in prison. After acquiring the drug, Turing immediately raised the drug’s price from $13.50 a tablet to $750 a tablet. Instead, the company is reducing what it charges hospitals for Daraprim by as much as 50 percent. In fact, he recently said he probably should have raised it more. “I had a lot going on”.
Several classmates say that when they heard about Mr. Shkreli’s gift, they could not help but wonder whether it was meant as a sly act of one-upmanship.
N.B. The price hike is not the reason for the arrest.
However, it is still not clear who hacked Shkreli’s Twitter account. He refers to those who follow him online as his “fans”.
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He then bought the Wu-Tang Clan’s one-of-a-kind secret album encased in a hand-crafted bejewelled silver box, out-bidding billionaires across the globe. He said he paid $2 million. The allegations center on schemes to defraud investors of hedge funds MSMB Capital and MSMB Healthcare as well a scheme to misappropriate funds of biopharmaceutical company Rosenman, where Shkreli previously served as chief executive.