Martin Shkreli’s Arrest Brings a Collective Round of Applause

 

Martin Shkreli, chief executive officer of Turing Pharmaceuticals LLC, center, and attorney Evan Greebel, left, exit federal court in New York, U.S., on Thursday, Dec. 17, 2015. Shkreli was arrested on alleged securities fraud related to Retrophin Inc., a biotech firm he founded in 2011. Greebel is accused of conspiring with Shkreli in part of the scheme. Photographer: John Taggart/Bloomberg *** Local Caption *** Martin Shkreli; Evan Greebel

Martin Shkreli and Evan Greebal: Walk of shame. Photographer: John Taggart/Bloomberg

For all of those times when you felt like karma wasn’t doing its job, bask in the glow of Martin Shkreli’s comeuppance and perhaps it will renew your faith in ‘what goes around comes around’ – or is it the other way around? Shkreli is that 32-year-old former hedge fund manager, entrepreneur, and shameless self-promoter that founded Turing Pharmaceuticals, spent 55 million for the U.S. rights to Daraprim, then raised the price 5000 percent. He can now add criminal to his repertoire because he was arrested yesterday for securities fraud. 

U.S. attorney Robert Capers says that between 2009 and 2014, Shkreli looted Retrophin, another pharmaceutical company where he was CEO for $ 11 million to pay back his dissatisfied investors after he lost their money through bad trades. Capers stated that Shkreli “engaged in multiple schemes to ensnare investors through a web of lies and deceit.” Shkreli was charged with securities fraud and conspiracy and is out on $ 5 million bail. A second defendant lawyer Evan Greebel was charged with conspiracy and pleaded not guilty as did Shkreli.

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