The 32 year old Martin Shkreli, who is notorious for topping up the price of an HIV-related drug by 5,000%, has found himself in the hands of the law. The hedge fund manager-turned-pharmaceutical company, CEO was arrested abruptly from his Manhattan home before dawn and in a dramatic turn of events.
Shkreli is being charged with securities fraud and securities fraud conspiracy, which if proven wrong calls for a maximum sentence of up to 20 years in prison. In the recent past, there has been an outcry of the raising price of a life-saving prescription drug by the pharmaceutical entrepreneur whereby the authorities have referred to his actions as shameless.
According to Brooklyn U.S. Attorney Robert Capers the entrepreneur had been running the Companies on a Ponzi scheme whereby he ended up using the assets of Retrophin to pay off debts all to conceal the fraud. Alongside 42 year old Evan Greebel, who was Retrophin’s outside counsel, Shkreli is also on charges of deceitfully inducing investors to invest in two separate funds while at the same time embezzling the assets of publicly merchandized Retrophile.
Records have it that Shkreli has a past of having deceived financiers in one hedge to enable the paying off of debts from another. But Capers said whether or not Shkreli raised drug prices to pay back investors was not part of the ongoing investigations and speculations were not allowed until the authorities had finished their work.
However, Shkreli who looked very confident and relaxed during the bail hearing has denied the charges with his representative saying that they are confident that he will be cleared of all charges filed against him. And through their lawyers, the duo entered pleas of not guilty but Shkreli has been allowed a $5 million bond package that allows him to go home.
And while outside the courtroom, neither he nor his Attorneys, Marcus Asner and Baruch Weiss responded to the questions from the media. He remained very unapologetic and called one of the journalists a “moron”.