Business

Martin Shkreli Arrested: Top allegations against Turing Pharmaceuticals owner

Martin Shkreli Arrested: Top allegations against Turing Pharmaceuticals owner

Martin Shkreli Arrested: Top allegations against Turing Pharmaceuticals owner

Martin Shkreli’s free run seems to be over. He has been among the most hated people whose condemnation on social media has been a common affair. The 32-year old Turing Pharmaceuticals owner, Shkreli was taken into custody yesterday.

There is no denying the fact that he has become a hate figure due to the fact that his company jacked up the price of a live-saving drug often making the drug out of reach of many people. The drug reportedly treats rare parasitic infection that targets pregnant women and AIDS and cancer patients.

He has been called the bad boy of pharmaceutical and has hogged limelight very regularly for something or the other. Merely a few days ago he was on almost every newspaper and website for spending as much as $2 million for Wu-Tang Clan album.Martin Shkreli

But he was condemned most by suddenly escalating the price a drug to $750 a pill from $13.50. This was something that couldn’t be justified in any manner. But despite the continued condemnation he hasn’t either restored the price or even lowered it.

Martin Shkreli’s turning into hate figure means that people don’t want others to know their association with him. As proof of Mr. Shkreli’s toxicity, Bernie Sanders rejected his $2,700 campaign donation, turning it over to a health clinic instead. In the meantime there is another major development that may impact his profiteering. This past week, Express Scripts, the largest pharmacy benefit manager, endorsed the use of a compounded alternative to Daraprim, the $750 pill. That treatment will sell for about $1 a pill. But people are still not sure if this may impact his pharmaceutical company.

In a statement Robert Capers, U.S. Attorney for the Eastern District of New York said, “As alleged, Martin Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit…His plots were matched only by efforts to conceal the fraud, which led him to operate his companies, including a publicly traded company, as a Ponzi scheme, where he used the assets of the new entity to pay off debts from the old entity.”

His problems are indeed of serious nature. FBI Assistant Director-in-Charge Diego Rodriguez while talking about the charges against him said, “describe a securities fraud trifecta of lies, deceit, and greed. As charged, Martin Shkreli targeted investors and retained their business by making several misrepresentations and omissions about key facts of the funds he managed. He continued to lie about the success of the investments and used assets from Retrophin to payoff MSMB investors.” In the meantime Shkreli is out of prison after posting $5 million bail.

Charges against him are serious and an indictment filed by federal prosecutors alleged that Shkreli defrauded investors, made false representations to the Securities and Exchange Commission (SEC), and used assets from Retrophin in order to pay off his hedge fund investors. The maximum sentence Shkreli faces if convicted is 20 years in prison, according to Capers. The FBI says it is continuing its investigation.

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