CEO reviled for drug price gouging is arrested on fraud

[Politically_Incorrect12]

CEO reviled for drug price gouging is arrested on fraud charges


A boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested on securities fraud related to a firm he founded.

Martin Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.

Read more at: www.msn.com/en-us/money/companies/ceo-reviled-for-drug-price-gouging-is-arrested-on-fraud-charges/ar-BBnEN3Z?ocid=spartanntp


One interesting thing from a political perspective was:

The moves drew shocked rebukes from Congress, public-interest groups, doctors and presidential candidates, and cast an unwelcome spotlight on the rising prices of older drugs. Donald Trump called Shkreli a “spoiled brat,” and the BBC dubbed him the “most hated man in America.” Bernie Sanders, a Democratic presidential candidate, rejected a $2,700 campaign donation from him, directing it to an HIV clinic. A spokesman said in October that the campaign would not keep money “from this poster boy for drug company greed.”

Interesting that he would send a donation to Sanders, as I'm guessing most people wouldn't have seen that one coming.

[swamp]

Interesting that he wasn't smart enough to figure out that if you do something as bold as raise a drug price that much (which was perfectly legal, but stupid and greedy) that you have just made yourself a target for investigation for everything else you've done.

[Politically_Incorrect12]

Dec 17, 2015 8:53:19 GMT -5 swamp said:

Interesting that he wasn't smart enough to figure out that if you do something as bold as raise a drug price that much (which was perfectly legal, but stupid and greedy) that you have just made yourself a target for investigation for everything else you've done.

I think they call it arrogance.

[swamp]

I think you're right.

[wvugurl26]

Securities fraud will get you every time.

[busymom]

On the price gouging alone, I'd like to see him in jail for a long time. But this will do.

[Ryan]

The articles said that he is 32 and began interning at Mad Money when he was a teenager.  WTF?  Mad Money hasn't been on that long.  

[Deleted]

That's the guy that bought the Wu Tang clan album for millions.

[fishy999]

This is the one time I hope a 'federal pound me in the ass prison' lives up to it's name.