The Logical Leftist
@logicallyleftist·273K subscribers·15.5K videos
Karma just smacked down price-gouging 'Pharma Bro'
Posted
December 18, 2015
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December 18, 2015
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"Martin Shkreli, the boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested by federal agents at his Manhattan apartment early Thursday morning and charged with securities fraud. After pleading not guilty in Brooklyn federal court he was freed on a $5 million bond.
Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs but suggests he was running a Madoff-style Ponzi scheme on a much smaller scale. Prosecutors in Brooklyn charged him with illegally taking assets from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.
Federal prosecutors accuse Shkreli of engaging in a complicated shell game after a hedge fund he started lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, also arrested early Thursday, is accused of conspiring with him. He too pleaded not guilty and was freed on a $1 million bond."
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