Drug company executive pleads not guilty to fraud | Business News

Drug company executive pleads not guilty to fraud

23 Dec 2015 | Author: | No comments yet »

FIFA’s Li Appears in U.S. Court to Deny Corruption Charges.

Eduardo Li, the former head of the Costa Rican soccer federation, pleaded not guilty to U.S. charges of widespread corruption at FIFA, the sport’s international governing organization.TRENTON, N.J. (AP) — Martin Shkreli, the pharmaceutical executive arrested Thursday on charges of securities fraud, has resigned as the head of one of the companies he runs, Turing Pharmaceuticals.

Shkreli, who posted million bail yesterday afternoon after being arraigned on securities fraud charges, had founded Turing earlier this year after leaving his previous biopharmecutical firm Retrophin.Since the former CEO of Turing Pharmaceuticals Martin Shkreli posted a $5-million dollar bail, many organizations with whom he had a business relationship with, are making efforts to distance themselves from his reputation. He’s being replaced on an interim basis by Ron Tilles, who has been chairman of Turing’s board of directors since the company was founded late last year. The egocentric entrepreneur was recently arrested and accused of setting up a ponzi scheme, where he duped investors in order to pay off others by creating other companies with the help of his lawyer Evan Greebel, who was also arrested. Earlier this month at a Forbes healthcare summit, when asked by an audience member what he’d do differently, he said that he should “have raised prices higher,” noting that his primary duty was to his shareholder.

It’s been widely reported that presidential candidate Bernie Sanders, who received a donation of $2,700.00 from Shkreli in exchange for a meeting, publicly rejected the donation — as mentioned in an article posted by Boston.com — and instead, donated the money to a Washington health clinic for AIDS research this October, a few months before his indictment. In addition to giving a handful of interviews since the uproar began in September, he is also an active Twitter user, fielding questions from strangers and revealing his interests. Li was handed over in Zurich to two American police officers, who escorted him on a flight to New York, the Swiss Federal Office of Justice said in a statement Friday. Shkreli has become the ‘‘most hated man in America,’’ according to some headline writers, for jacking up the price of a life-saving drug by 5,000 percent after acquiring rights to it. Citing anonymous sources, the Journal said the pharmaceutical company is “close” to finding a suitable replacement in anticipation of the CEO’s resignation.

But more recently, CNN Money published a story about a public high school that received a million dollar donation from Martin Shkreli at the beginning of the year, which is apparently angering that high school’s alumni. Many are even blaming those involved in Shkreli’s education for his criminal activities, including that same high school which he attended before dropping out to pursue a career on Wall Street. At least two separate Congressional probes have been launched since September on the pricing issues of Daraprim, which had always been available as a generic drug used to treat toxoplasmosis in Aids patients. As a popular reporter of Wall Street’s gains and losses, Cramer’s position is reflective of the relationship between the financial markets and the future of Shkreli’s companies.

Over time, anger against Shkreli has intensified, moving from the investor-class to the general public because of news over the summer of hyper-inflating prices on a pill his company provided for life-threatening illnesses, simply for the fact that he could make money off of it. There are two patents, based on pharmaceutical substances for the treatment of neurological disorders, that list him among the multiple “inventors,” patent records show.

We decided to give a significant portion of the proceeds to charity,” the group’s producer, Robert “RZA” Diggs, told Bloomberg Businessweek via email when the news was announced. The New York Times published an article which says that Martin Shkreli’s indictment possibly provides cover to other pharmaceutical companies who mark up their products. For his part, Shkreli has retweeted a number of articles about his alleged purchase, including the Bloomberg story that has a picture of him in the tweet. The Inquisitr wrote a report on another company that was willing to lower the price on the a version of that drug, in response to the outrage to $1 a pill.

Shkreli hosts frequent hours-long live stream sessions on YouTube where he alternates between answering questions from fans and serenading viewers with his guitar. Those who have followed Martin Shkreli’s story in the media, know that he’s very public on his twitter account — even expressing his anger against Bernie Sanders’ rejection of his donation — would have seen his response to HIV activist Josh Robbins, who tweeted to Martin, his support for him and his company to which Martin Responded. The only response he appears to have to anything related, is whether the drug Daraprim would be unavailable if either Turing Pharmaceutical were to go under or if Shkreli is no longer involved.

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