• You must be logged in to see or use the Shoutbox. Besides, if you haven't registered, you really should. It's quick and it will make your life a little better. Trust me. So just register and make yourself at home with like-minded individuals who share either your morbid curiousity or sense of gallows humor.

Turing Pharmaceutical's C E O Martin Shkreli, Owner Of Daraprim, Arrested On Unrelated Fraud Charges

cubby

cubby

Live Long and Prosper
Bold Member!
http://news.yahoo.com/turing-ceo-martin-shkreli-custody-securities-probe-133722669--finance.html

Shkreli was charged in an indictment unconnected to the drug price hikes imposed by his company Turing Pharmaceuticals. The charges instead involve his actions at another pharmaceutical company, Retrophin, which he ran as CEO up until last year.

Prosecutors said that in a "Ponzi-like scheme" between 2009 and 2014, Shkreli lost hedge fund investors' money through bad trades, then raided Retrophin for $11 million in cash and stock to pay back his disgruntled clients.

Shkreli "engaged in multiple schemes to ensnare investors through a web of lies and deceit," U.S. Attorney Robert Capers said in a statement.

Shkreli was charged with securities fraud and conspiracy. A second defendant, lawyer Evan Greebel, of Scarsdale, New York, was charged with conspiracy and also pleaded not guilty.

If convicted, both men could get up to 20 years in prison.

In August, Shkreli's Turing Pharmaceuticals spent $55 million for the U.S. rights to sell Daraprim, a 62-year-old drug for a rare parasitic infection, and promptly raised the price from $13.50 to $750 per pill. The drug is the only approved treatment for toxoplasmosis, a disease that mainly strikes pregnant women, cancer patients and AIDS patients.

The move sparked outrage on the presidential campaign trail, helped prompt a Capitol Hill hearing on drug prices, and turned the Brooklyn-born Shkreli into the new face of corporate greed. Headlines called him such things as "America's most hated man," the "drug industry's villain," ''biotech's bad boy" — and those were just the more printable names.

Shkreli said the company would cut the price of Daraprim. Last month, however, Turing reneged. Instead, the company is reducing what it charges hospitals for Daraprim by as much as 50 percent.

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 said that insurance and other programs would allow patients to get the drug despite the cost and that the profits are helping fund research into new treatments.

But he also made an unapologetic business-is-business argument for the price jump. In fact, he recently said he probably should have raised it more.

"No one wants to say it, no one's proud of it, but this is a capitalist society, a capitalist system and capitalist rules," he said in an interview at the Forbes Healthcare Summit this month. "And my investors expect me to maximize profits, not to minimize them or go half or go 70 percent but to go to 100 percent of the profit curve."

The Campaign for Accountability, a nonprofit watchdog group that urged Congress to investigate Shkreli's price increases, called his arrest "long overdue" and added: "He has avoided accountability despite a pattern of fraudulent behavior."

In August, though, Retrophin sued Shkreli for more than $65 million, accusing him of using his control of the company to enrich himself and to pay off the claims of financial fund investors he had defrauded.

Last month, Shkreli was named chairman and CEO of KaloBios Pharmaceuticals, a struggling cancer drug developer. After his arrest, its stock fell by more than half Thursday before trading in the company was suspended.
Click to expand...

This guy is a supreme asshole.
 
Last edited:
Forensicwx said:
That stupid smirk he always has on his face pisses me off. I would love to see his ass do hard time in a federal prison.
"Dear Santa, all I want for Christmas this year...."
Click to expand...

Seriously. Greedy little pissant. I think his arrogant mug would look wondemous on the receiving end of this:
artillery-animated-1.gif
 
He's learning that Karma is a heartless Bitch!! I hope everything comes back on him ten fold!! Smug, smarmy, greedy little prick.
 
Now it makes sense why he jacked the price. Little bastard ain't smiling now is he? And that makes me smile. Merry Christmas everybody!
 
This scumbag is vomit inducing garbage.

Not only do I want his ass to sit in a cell, I want every single asset of his seized and promptly given to charity or sold and the proceeds given to charity because greedy trash like him would suffer more from that than anything else.
 
Ha ha...everyone on the planet pretty much hates you right now...even people like me who hate bug chasing faggots who are on the cock-tail. King Asshole...there are tyrants with more restraint than this guy.

I just considered sero-discordant couples...or I suppose single people too, These meds he jacked the price on not only keep people afflicted with HIV healthy and prolong their life, but in most cases taking these medications also stop the TRANSMISSION of HIV...this guy is a fucking worm.
 
Last edited:
http://www.bloombergview.com/articl...urprisingly-good-at-fraud?cmpid=yhoo.headline

I tried reading this but it contains a lot of financial jargon that I only minimally understand, but what I did understand led me to the understanding that this asshole has ( well, had) some very big balls and is shameless to boot. It is really surprising he kept this going as long as he did.

I would be really interested in a plain word synopsis of his crimes, his chutzpah is awe-inspiring, if it was legal, that is.
 
http://finance.yahoo.com/news/shkreli-resigns-turing-ceo-securities-174905827.html

Shkreli, a 32-year-old former hedge fund manager, has become "the most hated man in America," according to some headline writers, for jacking up the price of the only approved drug for a life-saving parasitic infection by 5,000 percent after acquiring rights to it.

On Thursday, federal prosecutors said that between 2009 and 2014, Shkreli lost some of his hedge fund investors' money through bad trades, then looted Retrophin, a pharmaceutical company where he was CEO, for $11 million to pay back his disgruntled clients.


Shkreli, a flagrant self-promoter who recently said he should have hiked the price of anti-parasitic drug Daraprim even more, was paraded in handcuffs by the FBI after his arrest. He pleaded not guilty to charges of securities fraud and conspiracy, which carry a sentence of up to 20 years in prison if he's convicted. He was released on $5 million bail.

The news — unrelated to his actions at Turing — delighted patients, advocacy groups and average Joes who found his price-gouging despicable.

Turing has offices in New York and Zug, Switzerland.

Shkreli recently became the CEO of a second company, KaloBios Pharmaceuticals, Inc., based in South San Francisco, California. There's no word yet on whether he'll remain at the helm there.
Click to expand...
 
"No one wants to say it, no one's proud of it, but this is a capitalist society, a capitalist system and capitalist rules," he said in an interview at the Forbes Healthcare Summit this month. "And my investors expect me to maximize profits..."

So he basically admits the price hike was solely to make more profit and had nothing to do with the cost of producing the pill.

These are the types of assholes running businesses in America nowadays. And the reason our standard of living keeps sinking lower and lower.

I would gladly give everything I have to have somebody beat the living shit out of this motherfucker. Not for vengeance, nor to quell my outrage; simply, this Entitled little dickless cunt has never learned the value of helping others. Placed in a vulnerable position, he'll be able to better understand injustice.

An utter asshole. I hope he is convicted and sent to a real prison.
 
Last edited:
gatekeeper said:
Found this on FB Bwahahahahaaa!

535088_10154539074563747_1122492913873623695_n.jpg
Click to expand...
You stole this offa my page didn't ya? Lol jk, I posted the same pic when news broke of his arrest. Isn't it just wonderful? Makes my heart skip a beat to know this miserable bastard gets to spend his holidays with Uncle Sam breathing all down his neck into the New Year.
Anyone who can justify profiting off of the weak and suffering deserves any and everything they get.
 
CbabyRKO said:
You stole this offa my page didn't ya? Lol jk, I posted the same pic when news broke of his arrest. Isn't it just wonderful? Makes my heart skip a beat to know this miserable bastard gets to spend his holidays with Uncle Sam breathing all down his neck into the New Year.
Anyone who can justify profiting off of the weak and suffering deserves any and everything they get.
Click to expand...

I sure did, LOL! I posted I was gonna swipe it and I wanted to credit you/the commentor on your feed for it, but I didn't want you to feel like I was spotlighting you/your friend w/o your permission. I figured you'd run across it and get a :jawdrop: :joyful: out of it. Next time I'll just shoot you a note and ask like a proper gentleManLady. :playful: Going back to add it now. <3

​
 
Last edited:
https://finance.yahoo.com/news/martin-shkreli-says-drug-price-052500003.html

In his first interview since he was charged Thursday for allegedly misleading investors in his hedge funds and raiding a public company to cover the losses, Mr. Shkreli told The Wall Street Journal he had been targeted by authorities for his much-criticized drug-price hikes and over-the-top public persona.

His arrest Thursday dates back to his time as a small-time hedge-fund manager. But Mr. Shkreli believes it is related to the recent drug price increases.

“ ‘Trying to find anything we could to stop him,’ was the attitude of the government,” Mr. Shkreli said, flanked by his lawyers in a midtown Manhattan conference room Sunday afternoon. “Beating the person up and then trying to find the merits to make up for it—I would have hoped the government wouldn’t take that kind of approach.”

The Brooklyn U.S. Attorney’s office, which filed the charges against Mr. Shkreli, didn’t respond to a request for comment. A Federal Bureau of Investigation official earlier said Mr. Shkreli pursued “a securities fraud trifecta of lies, deceit and greed.”

The U.S. Securities and Exchange Commission has been looking into Mr. Shkreli since 2012, though its probe became a higher priority this September after Mr. Shkreli raised the price of Daraprim, the Journal earlier reported. The SEC complaint accuses Mr. Shkreli of a string of abuses, including exaggerating to hedge-fund investors his investment performance and assets under management.

“What do you do when you have the attention of millions of people? It seemed to me like it would be fun to experiment with,” Mr. Shkreli said in the interview. He said he was arrested “because of a social experiment and teasing people over the Internet,” adding, “that seems like a real injustice.”

“Quite frankly, it was not something I expected, and definitely not something I deserve given the facts,” he said.

Since pleading not guilty Thursday, Mr. Shkreli has been laying low. He said he didn’t leave his Manhattan apartment on Friday or Saturday, the same one where he says nearly a dozen agents knocked at his door at dawn Thursday and took him into immediate custody. He says he has subsisted on takeout food since then, partly because he has spotted photographers across the street waiting to snap a picture. On Sunday, he says his social media, email and cellular telephone accounts were hacked; among the less profane posts hackers made in his name was the proclamation, “I am now a god.”

“You know, the press conference they put on was unacceptable,” Mr. Shkreli said Sunday. “They used the term ‘Ponzi,’ or ‘Ponzi-like,’ which is nowhere near reality. The indictment doesn’t use that word.”

Mr. Shkreli declined to answer specific questions about the allegations, or about his defense. He faces up to 20 years in prison if convicted. Evan L. Greebel, a lawyer who worked with Mr. Shkreli, was also arrested for his role in the alleged scheme. Mr. Greebel has pleaded not guilty.

“The indictment itself is lacking rigor. I think it doesn’t tell my side of the story at all,” said Mr. Shkreli. He added he would have liked to explain his side of the story but prosecutors “rushed to write this up.”

A self-styled rap aficionado who bought the rights to a Wu-Tang Clan album for $2 million, Mr. Shkreli said he is now refocusing on scaling back some of the behavior that he believes made him a target. He compared the more extreme of his myriad public actions—which includes streaming live on the Internet hourslong shows of himself playing chess, strumming guitar and answering scores of questions from strangers, as well as mocking Democratic presidential candidate Bernie Sanders—to temporarily adopting an accent.

While he is unapologetic about the price of Daraprim, he said Turing, from which he resigned as chief executive Friday, might change its approach. He said he should have been more patient and less inflammatory in explaining his business decisions.

“Most people don’t know the real Martin Shkreli,” he said. “I think it would make sense to show them.”

A Turing representative declined to comment.
Click to expand...

If he wasn't so serious, this would be fucking funny, but he's serious, and doesn't get what an arrogant asshole he really is.
 
Last edited:
http://finance.yahoo.com/news/martin-shkrelis-old-company-now-212552678.html

Seems his old company has completely imploded.

In a filing with the SEC on Wednesday, KaloBios announced that its interim CFO and auditor both resigned, leaving the company with limited executive leadership.

Additionally, the Nasdaq informed KaloBios that its stock would be delisted. Shares of the company had been halted since Shkreli's December 17 arrest on securities-fraud charges. Shkreliwas fired as CEO of KaloBios on December 17.

KaloBios shares, which in November were trading below $1, spiked to as high as $40 a share after Shkreli and his associates acquired 70% of the company's outstanding shares.

In addition to executive departures and a delisting of shares, Marcum LLP resigned as KaloBios' independent auditing firm, though according to the filing with the SEC, "Marcum's resignation was not due to any reason related to the Company's reporting or accounting operations, policies or procedures."
Click to expand...

Yeah right
 
Last edited:
https://www.cnbc.com/2017/08/04/pharma-bro-martin-shkreli-convicted-in-federal-fraud-case.html
A federal jury found notorious "Pharma bro" Martin Shkreli guilty of multiple criminal charges Friday.

Shkreli, 34, was convicted of some of the eight criminal counts that he had faced, which had included securities fraud and conspiracy to commit both securities fraud and wire fraud, after a more-than-month-long trial in Brooklyn, New York, federal court.

Of the eight counts, Shkreli was found guilty of three. Those included conspiracy to commit securities fraud, and two counts of securities fraud. He was found not guilty of five counts, including those related to wire fraud.


He faces up to 20 years in prison when he is sentenced.

Prosecutors said a mountain of testimony and evidence at trial showed that Shkreli duped multiple investors into putting millions of dollars into two hedge funds he ran, MSMB Capital and MSMB Healthcare, by falsely claiming to have an excellent record of running such funds, and by falsely stating his investment strategy had a low level of risk.

After getting their money, prosecutor said, Shkreli quickly lost much of it, and also used some of it to capitalize his infant pharmaceuticals company, Retrophin, even as he continued sending out financial statements to investors claiming positive returns.

And when investors asked for their money to be redeemed to them in cash, Shkreli brushed them off for months or more, inventing excuses and suggesting alternative ways to pay them back, according to the prosecution's case.
[....]
Shkreli was found not guilty of the counts that were tied to Retrophin, which were considered to be some of the most serious charges against him.

The charges were unrelated to Shkreli's first claim to public notoriety: raising the price of an anti-parasite drug called Daraprim by more than 5,000 percent in 2015, while heading another company, Turing Pharmaceuticals.

However, Shkreli was indicted in the federal case several months after that price increase came to light, and after he reveled in the widespread scorn that followed.
Click to expand...
 
He's a narcissistic sociopath. He finds our outrage incomprehensible, but amusing.

When you consider who would be hit by this price increase, I would first think of Medicare and Medicaid, and an attempt to bleed federal money out of the healthcare system.
 
There's nothing remotely wrong with his drug price hike. If there's no laws in place to stop a company from doing that, then what's the big deal? People bitch about nonsense.

The rest of it though, glad he's going down.
 
http://www.reuters.com/article/us-u...kreli-citing-pattern-of-threats-idUSKCN1BJ1NT
[....]
“Shkreli has engaged in an escalating pattern of threats and harassment that warrant his detention pending sentencing,” prosecutors said in a filing in Brooklyn federal court late on Thursday.

They pointed to a Sept. 4 Facebook post in which Shkreli offered $5,000 to followers who could grab a strand of Clinton’s hair during the former presidential candidate’s upcoming book tour. That led the Secret Service, charged with protecting Clinton, to contact him.


Shkreli told the Secret Service, through a lawyer, that he would remove the post on Tuesday, but did not do so until Wednesday, prosecutors said.

The prosecutors said Shkreli’s conduct showed he poses a “danger to the community,” and that his $5 million bail should be revoked.

U.S. District Judge Kiyo Matsumoto will hold a hearing on the motion on Sept. 14. Shkreli’s lawyer, Benjamin Brafman, said he would file a response soon.
[....]
Though he faces a maximum sentence of 20 years, Shkreli will likely serve much less, in part because none of his hedge fund investors lost money.

Before the trial, Shkreli, 34, was best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 while he was chief executive of Turing Pharmaceuticals. The move sparked outrage by patients and U.S. lawmakers, earning him the nickname “pharma bro.”

He has remained active on social media since his December 2015 arrest, frequently clashing with critics. He was banned from the social media platforum Twitter in January for harassing a female journalist.
Click to expand...
 
http://www.wfaa.com/news/nation-world/martin-shkrelis-bail-revoked-he-heads-to-jail/474599299
NEW YORK (AP) - A judge jailed former pharmaceuticals company CEO Martin Shkreli on Wednesday after finding that he violated his bail on a securities fraud conviction with a social media posting she agreed posed a threat to Hillary Clinton.

Defense attorneys had argued at a hearing in federal court in Brooklyn that the post by Shkreli, offering a $5,000 bounty to anyone who could grab him one of Clinton's hairs while she's on a book tour, was political satire. But U.S. District Judge Kiyo Matsumoto didn't see the humor, saying the offer could be taken seriously by fellow Clinton detractors.

The Clinton offer could be viewed as "a solicitation of an assault," the judge said before revoking Shkreli's $5 million bail.

"This is not protected by the First Amendment," the judge said. "... There's a risk that somebody may take him up on it."

The government had told the judge that the message had alarmed the Secret Service detail that protects Clinton, a Democratic former presidential candidate and first lady. It also argued that it fit a pattern of veiled threats against female journalists who rebuffed Shkreli's social media advances and of taunts aimed at prosecutors in his case.

On Wednesday morning, Shkreli, often called the Pharma Bro, wrote to the court apologizing for his behavior, saying, "I am not a violent person."
[....]
Shkreli watched in silence as the hearing unfolded and sometimes put his head down and appeared to scribble notes. After the judge's ruling, he remained expressionless as deputy U.S. marshals led him out a side door of the courtroom without handcuffing him.

The government sought to get Shkreli locked up as a danger to the community amid the fallout from his social media post, which read: "The Clinton Foundation is willing to KILL to protect its secrets. So on HRC's book tour, try to grab a hair from her. I must confirm the sequences I have. Will pay $5,000 per hair obtained from Hillary Clinton."

The defense insisted it was merely a tasteless joke comparable to some of President Donald Trump's derisive comments.
[....]
Shkreli, who is best known for hiking up the price of a life-saving drug and for trolling his critics on social media, was found guilty last month on charges, unrelated to the price-fixing scandal, that he cheated investors in two failed hedge funds he ran. The defense had argued that investors got their original investments back and even made hefty profits.

Shkreli faces up to 20 years in prison at sentencing, set for Jan. 16.
Click to expand...
 
You must log in or register to reply here.

Share this page

Latest posts

Back
Top