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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Ex-pharmaceutical company CEO Martin Shkreli said Saturday the fraud allegations against him are “baseless and without merit”.
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Martin Shkreli, the pharmaceutical executive facing US charges of securities fraud, lost control of his Twitter account to hackers on Sunday, hours after he took to Twitter to plead his innocence, his spokesman said.
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Shkreli was arrested for securities fraud last week and the entire world has rejoiced in the news.
Federal officials described Shkreli’s crimes as a quasi-Ponzi scheme in which he used money from Retrophin to pay off money-losing investors in his hedge funds.
The 32-year-old former executive drew criticism when he bought exclusive rights to a life-saving drug, and bumped the price from $13.50 to $750 per pill.
According to Turing representatives, Shkreli will be replaced in the interim by Ronald Tilles, who had previously served as chairman of the firm’s board of directors since its late-2014 launch.
“Mr. Shkreli expects to be fully vindicated”, the statement from his attorneys reads. The drug is the only approved treatment for a rare parasitic infection called toxoplasmosis that mainly strikes pregnant women, cancer patients and AIDS patients. However, if his exploitation of the United States patent system wasn’t enough, he used his wealth to purchase a hot collector’s item: the only copy of the Wu Tang Clan’s album, Once upon a time in Shaolin.
“We’re thrilled by Martin’s donation, which will support a host of initiatives ensuring that Hunter stays in the vanguard of elite secondary schools in the country”, principal Tony Fisher said in March. Undeterred, he launched himself in 2011 into the pharmaceuticals business as CEO of Retrophin, which ousted him previous year.
Shkreli said the company would cut the drug’s price. In fact, he recently said he probably should have raised it more. That’s why I can fucking afford a fucking $2 million album.
Nevertheless, Shkreli is now in custody, and Turing Pharmaceuticals is taking measures to continue operations following his resignation.
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Nasdaq has placed KaloBios’ stock on a trading halt until the company provides more information.
