Thursday, December 17, 2015

Turing Pharmaceuticals CEO Martin Shkreli Arrested for Fraud

Remember Martin Shkreli, the CEO who became the most-hated man in America for jacking the prices of generic lifesaving medicinal drugs? Well, karna is a bitch as he's been arrested by the FBI for serious cases of securities fraud.



Shkreli gained notoriety after his company, Turing Pharmaceuticals jacked or increased the prices of lifesaving drugs from basic $13.50 to a whooping $750.  The story goes that Turing Pharmaceuticals bought the rights to the drug called "Daraprim" which was used to treat toxoplasmosis and malaria. Before acquisition, Daraprim's price was said to be $13.50 per pill but the moment Shkreli and Turing got its hands on it, it was increased to $750

Just hours ago though, he was accused of taking funds from a biotech company he started (but was later kicked out of) to pay debts from another business. According to sources, the company that he allegedly stole from, Retrophin, filed an earlier case against the CEO last August. This time however, they had the evidence needed as Shkreli lost more than $7 million on the hedge fund business he did back in 2011.

This is also Shkreli's third arrest in a four-month time span.

Aside from notoriety for being a real world troll, Shkreli also angered fans as he was responsible for the non-release of a supposed new Wu-Tang Clan album entitled Once Upon a Time in Shaolin which only had one album produced. The highly-anticipated album was won by Shkreli in a bidding where the winner gets to do whatever he / she / it wants with it.

Apparently, Shkreli doesn't know the meaning of the word "share" and the album is still under his protection at the moment.

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