Martin Shkreli calls fraud charges ‘baseless’

23 Dec 2015 | Author: | No comments yet »

‘I am confident I will prevail': Disgraced pharmacy boss Martin Shkreli claims fraud allegations against him are ‘baseless and without merit’.

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.

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. He then bought the Wu-Tang Clan’s one-of-a-kind secret album encased in a hand-crafted bejewelled silver box, out-bidding billionaires across the globe. To do so, he says, he felt it necessary to dramatically increase the price of Daraprim, which is on the World Health Organization’s list of essential medicines. 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.

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. And I thought we could be friends.’ He pleaded not guilty on Thursday to charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy for orchestrating three interrelated schemes: schemes to defraud investors in MSMB Capital and MSMB Healthcare and a scheme to misappropriate Retrophin’s assets.

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