Martin Shkreli, Pharmaceutical CEO Calls Fraud Allegations 'Baseless'

KaloBios Pharmaceuticals Gets Another Letter from NASDAQ

Martin Shkreli, who was gained notoriety for jacking up the price of a drug owned by his company, has resigned as chief executive of Turing Pharmaceuticals after he was charged with securities fraud. Shkreli pleaded not guilty and was freed on a $5 million bond.

In an odd foreshadowing of events, a video posted last night on his YouTube page shows Shkreli answering a phone call during a live stream in which a caller at 1:22:10 identifies himself as a "special agent" before Shkreli appears to cut him off and hangs up.

"I'm the most successful Albanian to ever walk the face of this Earth", he claimed. And he's an equally unabashed provocateur who jousts online with his critics.

Prosecutors said that in a "Ponzi-like scheme" between 2009 and 2014, Shkreli lost hedge fund investors' money through bad trades, and then raided Retrophin for $11 million in cash and stock to pay back his disgruntled clients. The charges instead involve his actions at another pharmaceutical company, Retrophin, which he ran as CEO up until a year ago.

Another tweet related to a Wu-Tang Clan Album. Although Shkreli later announced a price cut, it was only at hospitals. "It's this mix of bravado, money, music, attitude".

"I don't mean to be presumptuous, but I liken myself to the robber barons", he told Vanity Fair in an astonishing interview before he was arrested and charged with fraud on Friday.

 

 

 

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