Shkreli resigns as Turing CEO after securities fraud arrest

23 Dec 2015 | Author: | No comments yet »

Martin Shkreli Free on $5 Million – and FBI Says They Did Not Seize His One-of-a-Kind Wu-Tang Clan Album.

Just hours after Shkreli was freed on a $5 million bond following his high-profile arrest Thursday on securities fraud charges, he was replaced as CEO of Turing Pharmaceuticals, the role that first blasted him into public infamy when he raised the price of an AIDS drug in September. Shkreli is charged with two counts of securities fraud, two counts of conspiracy to commit securities fraud and three counts of conspiracy to commit wire fraud, according to the FBI.

He pleaded not guilty to to seven counts of fraud and to what’s been called a ponzi-like sceheme conspiracy during his time as a hedge-fund manager before he founded Turing. Shkreli has since attempted to refute those charges by noting, with some curious logic, that it can’t be a Ponzi scheme because his “victims” actually made money. “At a press conference, the government suggested that Mr. In addition to the criticized price-hike, Shkreli made headlines when he was revealed as the mystery buyer of the coveted Wu-Tang Clan album, Once Upon a Time in Shaolin.

His arrest was greeted by much of the Internet with a sense of satisfaction that Shkreli had received his comeuppance so quickly, even if it was for financial fraud rather than any of his other misdeeds. Shkreli, for his part, appeared to either be unaware of that reaction, or deliberately mocking it with his first and only tweet after being let out on bail.

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