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Martin Shkreli says securities fraud charges are ‘baseless’
However, karma bites – and Shkreli was arrested on Thursday by federal agents, over allegations of fraud at his now-defunct hedge fund MSMB Capital Management.
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The sight of Turing Pharmaceutical CEP Martin Shkreli being perp-walked by the Federal Bureau of Investigation made the holidays brighter for many of us.
Shkreli has now tweeted a response to the charges, stating that he is “confident” that he will “prevail”, while calling the allegations “baseless and without merit”.
But Mr. Shkreli’s arrest last Thursday, on securities fraud charges at his former hedge fund, strengthened the conviction of many Hunter alums that Shkreli had never really “cleaned up” after high school.
Shkreli and Turing drew criticism in September when they hiked the price of an HIV drug from $13.50 to $750, a 5000% increase in the cost.
He resigned as the company’s CEO on Friday. Alongside 42 year old Evan Greebel, who was Retrophin’s outside counsel, Shkreli is also on charges of deceitfully inducing investors to invest in two separate funds while at the same time embezzling the assets of publicly merchandized Retrophile. Instead, the shareholder said he believed that Shkreli had actually quietly liquidated whatever position he still held in SeraCare in the weeks or months before that filing.
The only response he appears to have to anything related, is whether the drug Daraprim would be unavailable if either Turing Pharmaceutical were to go under or if Shkreli is no longer involved.
The hacker also asked if anyone wanted Shkreli’s rare Wu-Tang album, which the egomaniac and rap fan bought for million.
The Times spoke to more of Shkreli’s former classmates and teachers, painting a portrait of a ne’er-do-well who skipped classes and never applied himself.
The maximum sentence for the top count is 20 years in prison. He was released on bail on a $5m bond, and tweeted to thank his supporters on his arrival at home.
Tilles will also continue as chairman of the board at Turing, which was started late a year ago. Mallinckrodt had no immediate comment.
Drug makers that have been criticized, such as Valeant Pharmaceuticals Inc (VRX.N), have begun to roll back prices. Bernie Sanders returned a donation from Shkreli.
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Shares of KaloBios fell 53 percent to $11.03 in premarket trade before being halted.