Martin Shkreli, the CEO of a pharmaceutical company that bought the right to an AIDS drug and raised it from $13.50 to $750 has been arrested.
The Turing Pharmaceuticals CEO Martin Shkreli earned the title ‘America’s most hated man in September’, when he jacked up the price of the anti-parasitic drug Daraprim, that benefits AIDS patients, pregnant women and cancer patients. When confronted, he rudely dismissed concerned people, calling one journalist a moron and replied with “lol” when Presidential candidate Hillary Clinton recommended his price hikes be regulated.
It is alleged that he illegally used stock from the biotechnology firm he once owned, Retrophin Inc. to pay off debts related to his struggling hedge fund and to pay back angry investors.
He is being charged with seven counts of fraud for running what United States Attorney Robert L. Capers of the Eastern District of New York is calling a Ponzi scheme.
Shkreli, 32, pleaded not guilty to these allegations and was released on a $5million bond after being arraigned in federal court in Brooklyn Thursday afternoon. He faces a maximum sentence of 20 years in prison if convicted.
Martin just last week made news by buying the only copy of a classic Wu Tang album that fans have been dying to listen to, for $2 million. He then said he is not planning on listening to it soon. He went further by saying he plans to bail out embattled music youngling, Bobby Shmurda, but then Shmurda will have to “owe him”.
I bet that is the least of his problems now ?.