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FBI arrests CEO who increased drug price 5500%
Posted on 12/17/15 at 7:10 am
Posted on 12/17/15 at 7:10 am
His arrest doesn't seem to have anything to do with the controversy over the price increase, but that is how Martin Shkreli became infamous on this board and across the nation.
LINK
LINK
quote:
Martin Shkreli, a lightning rod for growing outrage over soaring prescription drug prices, was arrested by the FBI on Thursday after a federal investigation involving his former hedge fund and a pharmaceutical company he previously headed.
The securities fraud probe of Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals, stems from his time as manager of hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin Inc, a person familiar with the matter said.
Shares of KaloBios fell about 50 percent in premarket trading.
This post was edited on 12/17/15 at 8:21 am
17
Posted on 12/17/15 at 7:11 am to slackster
I guess he'll be listening to that Wu-Tang album in jail.
Posted on 12/17/15 at 7:18 am to slackster
there one was a douchebag named Shkrel,
Who made AIDS patients' budgets pure hell,
With drugs he'll soon be needing,
To combat rectal bleeding,
By the big black cocks found in his cell.
Who made AIDS patients' budgets pure hell,
With drugs he'll soon be needing,
To combat rectal bleeding,
By the big black cocks found in his cell.
Posted on 12/17/15 at 7:21 am to slackster
like the Benghazi video guy
he didn't get arrested because of the video but it brought the attention to him that got him arrested for something else
he didn't get arrested because of the video but it brought the attention to him that got him arrested for something else
Posted on 12/17/15 at 7:23 am to slackster
KBIO is down over 50% this am too. And if you remember this is the stock where a story was written on a fella who shorted it and lost over $100k more than his portfolio was worth.
Posted on 12/17/15 at 7:29 am to Shepherd88
I typically don't like to revel in others misery but I'll make an exception in this case. 
Posted on 12/17/15 at 7:30 am to slackster
Karma
Posted on 12/17/15 at 7:40 am to slackster
This is part of Bill Murray's heist
Posted on 12/17/15 at 7:44 am to slackster
Honest question:
I know managing a hedge fund requires a lot of expertise, intelligence, and decision making, but how does managing a hedge fund qualify someone to be the CEO of a pharmaceutical company?
I know managing a hedge fund requires a lot of expertise, intelligence, and decision making, but how does managing a hedge fund qualify someone to be the CEO of a pharmaceutical company?
Posted on 12/17/15 at 7:46 am to slackster
quote:
Retrophin also asserts that Shkreli entered into payoff agreements with as many as 10 MSMB investors who lost money when the hedge fund became insolvent. Shkreli paid some investors through fake consulting agreements and others through unauthorized appropriations of stock and cash, the company alleged.
He's fricked
Posted on 12/17/15 at 7:47 am to UGATiger26
quote:
I know managing a hedge fund requires a lot of expertise, intelligence, and decision making, but how does managing a hedge fund qualify someone to be the CEO of a pharmaceutical company?
I think he made enough cash with the hedge fund stuff to buy his own pharmaceutical company.
Posted on 12/17/15 at 7:49 am to TrueTiger
quote:
like the Benghazi video guy
he didn't get arrested because of the video but it brought the attention to him that got him arrested for something else
No.
This has been in the works and under investigation since before the drug price increase.
quote:
The Securities and Exchange Commission, which according to court documents opened an investigation into Shkreli in 2012
The FBI didn't put together a case this complicated in a matter of a few months.
Posted on 12/17/15 at 7:50 am to slackster
quote:
His arrest doesn't seem to have anything to do with the controversy over the price increase
If he had not raised the prices, then acted like a pompous jackass afterwards, nobody would have ever gone after him for anything.
His actions caused a "He needs to be punished for something" machine to kick in.
Posted on 12/17/15 at 7:51 am to stout
quote:
The FBI didn't put together a case this complicated in a matter of a few months.
I hope his lawyer likes Wu-Tang.
Posted on 12/17/15 at 7:51 am to Robin Masters
This guy was supposed to be some sort of wonder kid, taking over very young. Guess it was all smoke and mirrors and law breaking.
Posted on 12/17/15 at 7:53 am to sullivanct19a
quote:
This guy was supposed to be some sort of wonder kid, taking over very young. Guess it was all smoke and mirrors and law breaking.
Either that or he pissed off the wrong people.
Posted on 12/17/15 at 7:55 am to sullivanct19a
quote:
This guy was supposed to be some sort of wonder kid, taking over very young. Guess it was all smoke and mirrors and law breaking.
Being the CEO of two major pharma companies by the ripe old age of 32 is a pretty incredible feat - cheating or not.
Posted on 12/17/15 at 7:57 am to stout
quote:
This has been in the works and under investigation since before the drug price increase.
I'm sure the investors that were suing the shite out of this douche were also aiding in the investigation along the way.
Posted on 12/17/15 at 8:08 am to slackster
quote:
who increased drug price 550%
I think you are missing a zero
Posted on 12/17/15 at 8:12 am to slackster
He was trying to bond out Bobby Shmurda as well. Now maybe they will be cellmates.
He's like a far less graceful Jordan Belfort, with a more punchable face.
He's like a far less graceful Jordan Belfort, with a more punchable face.
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