Not only was
he arrested on federal securities fraud charges related to his days a hedge
funder, but he was also caught in a humiliating perp walk on his way to jail.
After being released on a $5 million bond, Shkreli announced on Friday that he will be
resigning as CEO of Turing Pharmaceuticals amid the scandal.
Ron Tilles, who will fill in as interim CEO as Shkreli steps
down said the following:
“We wish to thank Martin Shkreli for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today, and wish him the best in his future endeavors.”
According to U.S. Attorney Robert Capers, who is heading up the
team prosecuting Shkreli, the young millionaire used Retrophin, a separate drug
outfit he was running, as his “personal piggybank.”
The whole thing was nothing
more than a very clever and elaborate ponzi scheme. Capers said of the
charges brought against Shkreli:
“The charges announced today describe a securities fraud trifecta of lies, deceit and greed. As charged, Martin Shkreli targeted investors and retained their business by making several misrepresentations and omissions about key facts of the funds he managed.”
This whole delicious crashdown couldn’t happen to a nicer guy.
Shkreli is a greedy douchebag who used a drug vital to the health and lives of
cancer and AIDS patients to turn a huge personal profit, and, while that
particular atrocity isn’t the reason for Shkrelis’ arrest, it doesn’t hurt that
it’s the reason for his notoriety in the first place.
Hopefully, what these prosecutors have on this guy is good,
because if convicted Pharma Bro could spend the next two decades behind bars,
which, as far as I’m concerned, is exactly where he belongs.