Drug-price gouger CEO resigns from Turing

23 Dec 2015 | Author: | No comments yet »

Drug-price gouger CEO resigns from Turing.

TRENTON, N.J. Infamous pharma villain Martin Shkreli fancies himself a hip-hop Rockefeller from Sheepshead Bay — and claims the shaming chorus he faces online doesn’t even register. “I don’t mean to be presumptuous, but I liken myself to the robber barons,” the loathed entrepreneur told Vanity Fair in an interview before his stunning arrest Thursday. “The attempt to public shame is interesting.PONDER for a moment the strange case of Martin Shkreli, the 32-year-old former hedge fund manager who was arrested by the Federal Bureau of Investigation at his Manhattan apartment before dawn on Dec. 17 and charged with securities and wire fraud.

When Hunter College High School announced in March that it had received a $1 million donation — the largest ever in its century-long history— from a member of the Class of 2001, many graduates were stunned to learn who the young donor was: Martin Shkreli, a multimillionaire pharmaceuticals executive.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.* Clemency: “President Obama commuted the sentences of 95 drug offenders Friday, more than double the number of commutations he granted earlier this year in July, in an effort to reduce prison crowding and give relief to drug offenders who were harshly sentenced in the nation’s war on drugs.” * Shkreli: “Martin Shkreli, the disgraced CEO of drugmaker Turing Pharmaceuticals, resigned Friday from the company he founded, following his arrest on unrelated securities fraud charges.” * Surprising indifference: “Sen.

Because everything we’ve done is legal,” he said. “Rockefeller made no attempt to apologize as long as what he was doing was legal.” Judging from the seven-count indictment brought against him, the feds disagree. Marco Rubio missed Friday’s Senate vote approving a massive $1.8 trillion end-of-the-year spending bill and tax package – a day after he suggested that he could try to slow the legislation down. “ * A long road ahead: “U.N. Martin Shkreli, whose arrest delighted countless people appalled by his unapologetic stance after hiking the price of a life-saving drug by 5,000 percent, is being replaced on an interim basis by Ron Tilles, according to a statement issued Friday by Turing, which is privately held. Shkreli’s alleged depravity stands out for its audacity and for his ability to keep the con going long after it should have been stopped dead in its tracks. Security Council members have unanimously approved a U.N. resolution endorsing a peace process for Syria including a cease-fire and talks between the Damascus government and the opposition.” * Stronger-than-expected demand: “The Obama administration announced Friday that 6 million people have signed up for ObamaCare health coverage – calling the total a sign of a surge in growth in this year’s sign-up period. “ * Virginia: “In yet another example of how anti-Muslim sentiment in the U.S. may be reaching a fever pitch, a central Virginia school district was forced to shut its doors on Friday after a lesson on Arabic calligraphy inspired an angry backlash.” * A familiar problem: “Unaccompanied minors are crossing the U.S.

Turing also issued a statement that business would continue as usual and that no patient would be denied access to Daraprim, the drug whose price hike made Shkreli a pariah to both patients and other pharmaceutical companies. He was yanked out of his Murray Hill apartment in handcuffs Thursday, charged with lying to investors and misappropriating $11 million from his former pharmaceutical company. The aspiring emo and punk musician who had ultimately been kicked out for poor grades and poor attendance? “I never really thought about him as a ‘Most Likely To’ type of person,” said Geoff Gresh, a classmate of Mr. Reading the 51-page FBI indictment of Mr Shkreli, the internet’s most hated man, actually leaves part of me wanting to give him a round of applause too; there is no denying that he has brass balls.

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. Southwest border in growing numbers again, sparking concerns that the new influx of children could eventually approach the levels that last year prompted the Obama administration to declare a humanitarian crisis.” * Coalition of the surprised: “Officials in Pakistan said Wednesday that they had not been consulted by anyone in Saudi Arabia before their nation was described as a founding member of a new, 34-country ‘Islamic military alliance’ to fight terrorism announced late Monday night by the Saudi defense minister.” * Speaking of the Middle East: “Israel and Turkey have reached a preliminary agreement to begin restoring full diplomatic relations after years of deep freeze, Israeli officials said on Thursday.” * A new day: “New Orleans’ leaders on Thursday made a sweeping move to break with the city’s Confederate past when the City Council voted to remove prominent Confederate monuments along some of its busiest streets.

He most recently drew headlines for buying the sole copy of a Wu-Tang Clan album for $2 million and then casually revealing that he never even bothered to listen to it. Shkreli is best known, of course, as the pharmaceutical entrepreneur who bought orphaned, lifesaving drugs and then jacked up their prices to astronomical levels. Amid a deluge of criticism from patients and politicians, Shkreli pledged to lower Daraprim’s price, but later reneged and instead offered hospitals a 50 percent discount — still amounting to a 2,500 percent increase.

Shkreli became the target of global revulsion after he jacked up the prices on a lifesaving drug and then reveled in the backlash from a range of critics — including Donald Trump. Eugenio Figueredo, a Uruguayan soccer official who was also arrested in May, will be extradited to his home country, “where he is alleged to have abused his office for personal gain,” the Swiss said in Friday’s statement. On Thursday, federal prosecutors said that between 2009 and 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted Retrophin, a pharmaceutical company where he was CEO, for $11 million to pay back his disgruntled clients. Turing also said it was sending a similarly worded letter to doctors stressing that it will continue to offer financial assistance to eligible patients needing Daraprim who are either uninsured or have commercial insurance.

Shkreli are true, his flunking out of Hunter, the prestigious Upper East Side school known for its Ivy League-bound students, was just the first in a series of failures that he would try to overcome with money, his own or other people’s. Mr Shkreli’s trail of alleged fraudulent trading and outright theft – for which, if convicted, he will surely face a long prison sentence as the rest of the world bays for blood – is nothing short of stunning. In December 2012, Forbes named him to its list of “30 under 30 in Finance,” lionizing him as an activist investor best known for “battling billionaires and entrenched drug industry executives” through his various written screeds on social media. (Forbes provided a more critical take earlier this year.) Alan Geller, a former oil trader who invested with Mr. Shkreli, called him “a genius,” adding, “I’m betting he’s going to make a billion dollars rather than blow up.” Earlier this month, Business Insider praised him for “exposing the critical need for balance between the interests of shareholders and patients.” According to the indictment, the only group that Mr.

Classmates describe him as always offering to pay for nights out during their college years, giving the impression that he wanted badly to prove that he had made good. After his first hedge fund collapsed, he started a second, MSMB Capital, which also lost millions, although he assured investors that it was making them lots of money.

And then on Monday, in the days before his arrest, he drew more attention to his Hunter connection by chatting online with a female Hunter student during a live stream on YouTube. He was just 23, which displays the kind of ambition Wall Street applauds but which anyone with an ounce of sense should find nauseating and darkly comic. Of course, age is no barrier to reckless money management; Bernie Madoff wasn’t in the first flush of youth when he was stealing billions from gullible investors. Photos of him, wearing a gray hoodie as he was escorted by authorities, spread on the Internet like wildfire, generating social media posts celebrating his apparent fall.

To settle with Merrill, he used his investors’ money to pay the firm around $1.5 million, then liquidated his fund, telling investors they had “doubled their money,” and that they could get cash or a combination of cash and shares in a new health care company, Retrophin, he had incorporated. He then started a third hedge fund, MSMB Healthcare, and, based on his misrepresentations of his previous performance, induced 13 people to invest $5 million in it. (It was around this time that the approving Forbes article appeared.), As Mr. It is claimed that Mr Shkreli, along with a lawyer called Evan Greebel, defrauded investors of Retrophin and MSMB Capital, in essence entering into a Ponzi scheme using Retrophin stock to inflate returns and pay off investors and debts at MSMB. Tilles also thanked Shkreli “for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today,” a reference to Shkreli’s after-the-fact claim that he needed to raise Daraprim’s price so much to fund research on other drugs.

In particular, he thanked a math teacher, Linda Aboody, telling The Daily News that she was “just a wonderful teacher — her logic class was unbelievably helpful.” Ms. This hardly scratches the surface either: the FBI managed to compile an impressive 34-point list of misdemeanours that make Del Boy look like Warren Buffett.

KaloBios had announced plans to stop research programs on two drugs and shut down the company shortly before Shkreli and an invested group swooped in on Nov. 19, bought 70 percent of its shares and promised a $3 million stock investment and $10 million in financing. Shkreli had bonded over their fondness for music, and because both were uninterested in the fast track to law and medicine and academia that obsessed so many of their classmates. “In order to really succeed there, you had to put in an amazing amount of effort and I think we both decided it wasn’t worth the effort because we wanted to do other things,” he said. The general rule in running a small business is that if a competitor many times larger comes after you through the courts, you must be doing something right. On that basis, it’s not exactly shocking that Gillette, the men’s grooming giant owned by Procter & Gamble, has finally got around to suing the Dollar Shave Club, the online razor and shaving products subscription service.

Dudley, the president of the Federal Reserve Bank of New York, to rehabilitate Wall Street by focusing “less on the search for bad apples and more on how to improve the apple barrels.” Can Wall Street change or is human nature beyond repair? Nobody gets a prize for guessing which market is growing faster – so much faster that Gillette recently launched its own “Gillette Shave Club”, so if ideas are being stolen – see below – then everyone’s at it.

Cramer was a partner. “He would come back to Hunter frequently in a suit and in a briefcase, hanging out in the hallways and sort of showing off,” said one classmate who, like most people interviewed, spoke on condition of anonymity to avoid getting entangled in any investigation. “We would come home from college and go out, and Martin seemed to be very interested in paying for everything, in order to show that he could,” one classmate said. “He changed during this time into someone they didn’t recognize as the same guy they had been friends with before.” Mr. The money has been split into two funds, one that can be spent at the direction of the principal, alumni and foundation, and the other that is part of the endowment.

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