Local Lawyer Charged in Martin Shkreli Fraud Case

23 Dec 2015 | Author: | No comments yet »

Ex-pharma CEO Martin Shkreli calls charges ‘baseless’.

Hunter College High School is debating what to do with a $1 million donation from former student Martin Shkreli, the reviled pharmaceuticals executive who is now entangled in legal turmoil, the New York Times reported Saturday. Disgraced pharma magnate Martin Shkreli defaulted to his defense-by-Twitter ways on Saturday to label allegations of fraud lobbed against him as “baseless and without merit.” Shkreli, 32, was arrested Thursday by the FBI on seven counts related to “widespread” securities fraud through a hedge fund and drug company he once ran. The eventual Turing Pharmaceuticals CEO did not even graduate from Hunter — he left early with bad grades, only to earn a diploma elsewhere — but said he still felt an affinity for the school. Prosecutors said that between 2009 to 2014 Shkreli lost some of his hedge fund investors’ money through bad trades, then looted a pharmaceutical company where he was CEO for $11 million to pay back his clients.

But that was months before Shkreli suddenly transformed into one of America’s most hated public figures, after his company bought a lifesaving AIDS pill and jacked the price from $13.50 to $750 per pill overnight. That move earned him national scorn, but his real problems came crashing in last week when he was arrested for securities fraud in an alleged Ponzi scheme from old hedge fund. Earlier this year, he similarly turned to Twitter to defend himself after he was dubbed “the most hated man in America” when he announced raising the price of an HIV-related drug by 5,000 percent. Shkreli has also used his Twitter account to thank his supporters and post articles about himself since he posted a $5 million bond Thursday and resigned from his CEO post at drugmaker Turing Pharmaceuticals.

The school has not commented on what it will do with Shkreli’s cash, according to the Times, which also noted that classmates considered him an “awkward and impatient kid” who cut classes, wanted to be in an emo band and never seemed bound for greater things. On Friday, he live-streamed more than three hours of his mundane evening in his New York apartment, where he spent chatting with some of the hundreds of curious people who tuned in.

The ex-exec regularly live-streams himself for hours as he goes about mundane activities in his Manhattan apartment — playing music, flossing his teeth, sleeping.

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