Martin Shkreli, CEO of Turing Pharmaceuticals is now one of new most hated man in America. He was arrested on Thursday, Dec. 17, 2015 in his apartment in Murray Hill. He was arraigned the same day in the Federal District Court of Brooklyn.
Shkreli was known to have been criticized for gouging the prices of vital drugs. One important drug he sharply raised in price was one that can treat infection that causes AIDS. The price of one pill was supposed to only be $13.50 yet he managed to turn it into a ballooning price of $750 overnight. He even regretted why he did not raise the price higher when he conceded.
Wu-Tang Clan's rare album was also reported to have been bought by him for a value of $2 million and he even called himself "the world's most eligible bachelor" on Twitter.
With all these outrage from the public regarding his deeds, the reason for his recent arrest is not in connection with what have just been mentioned. Shkreli's charges were for fraud security and wire fraud during the time when he was running a hedge fund to Retrophin, the first company he owned. It had no products or assets. It was just a pharmaceutical company running as a hedge fund.
Officials said the Shkreli would use the company's money to pay the money- losing investors, he was running a quasi-Ponzi scheme. According to Bloomberg, he denies the allegation, stating that in Ponzi Schemes, the investors never make money, but in investing in his company they make a handsome amount.
Mr. Evan Greebel his lawyer who was also arrested, worked with him in fabricating portfolio statements, in manipulating others records and transactions among other things.
According to The New York Times, Shkreli's lawyers already informed him that the fee for his case have risen to 5000% per hour. As of this time, he is freed from jail on a $5 million bond. Shkreli thinks he will soon be freed from all these charges.
