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Ex-pharma CEO Martin Shkreli calls charges ‘baseless’
Martin Shkreli, 32, insists he finds it “fun” to read the tsunami of hateful tweets rack up in his “mentions” column on Twitter.
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Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are “baseless and without merit”. He pleaded not guilty Thursday to charges that he looted Retrophin, a pharmaceutical company he founded, of $11 million to pay back disgruntled hedge fund clients.
The drug CEO, who became infamous when he raised price of HIV pill from $13.50 to $750 apiece, is wearing a purple PBS t-shirt and pajama bottoms.
Turing announced the change in leadership in a statement on Friday.
According to Brooklyn U.S. Attorney Robert Capers the entrepreneur had been running the Companies on a Ponzi scheme whereby he ended up using the assets of Retrophin to pay off debts all to hide the fraud.
In October 2014, Shkreli was ousted from Retrophin.
While most patients’ copayments will be $10 or less a month, insurance companies will be stuck with the bulk of the tab, potentially driving up future treatment and insurance costs.
Shkreli, who attracted criticism for growing outrage over soaring prescription drug prices, was arrested before dawn at the up-market Murray Hill Tower Apartments in midtown Manhattan on Thursday. Photos of him, wearing a gray hoodie as he was escorted by authorities, spread on the Internet like wildfire, generating social media posts celebrating his apparent fall.
If convicted, Shkreli would face a maximum sentence of 20 years imprisonment. One tweet asked, receiving some of the highest number of retweets out of the seven released within the span of one hour of each other.
Turing, with offices in NY and Switzerland, bought US rights to sell Daraprim in August, when it had no competition.
“We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl”.
His approach earned the enmity of companies whose prospects he had publicly impugned. Shares of KaloBios remained suspended Friday (Dec 18) for the second day in a row.
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Shkreli told the New York Times before his arrest that he had given away more than $3 million, and he has used philanthropy to rebut people who call him selfish. Their price fell to $23.59.