CEO Martin Shkreli crookedness comes back to bite him
The 32 year old CEO Martin Shkreli who gouged Americans with a 5000% increase in price of a life saving drug was arrested on securities fraud.
The Huffington Post reports the following.
NEW YORK, Dec 17 (Reuters) – Martin Shkreli, a lightning rod for growing outrage over soaring prescription drug prices, was arrested in New York by the FBI on Thursday on securities fraud charges involving his former hedge fund and a pharmaceutical company he previously headed.
Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, was charged in a federal indictment related to his time managing hedge fund MSMB Capital Management and heading biopharmaceutical company Retrophin Inc.
The indictment, filed in Brooklyn, New York, also charged Evan Greebel, a former partner at law firm Katten Muchin Rosenmann who was Retrophin’s outside counsel.
Brooklyn U.S. Attorney Robert Capers is scheduled to hold a press conference with officials from the Federal Bureau of Investigation and U.S. Securities and Exchange Commission at noon EST (1700 GMT) to announce the charges, his office said.
Reuters witnessed Shkreli’s arrest at the Murray Hill Tower Apartments in midtown Manhattan. Law enforcement including Federal Bureau of Investigation agents could be seen escorting Shkreli, who was wearing a hoodie, into a car.
While Martin Shkreli was not arrested on drug price gouging, it is great that he is paying the price for something. This does not absolve our government from creating a system that does not allow the capitalist system to hold the sick hostage.