Martin Shkreli: Fraud ‘allegations are baseless and without merit’ claims

Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe.

Retrophin had previously sued Shkreli in federal court for $65 million, claiming he had used his control over Retrophin to pad his bank account and bring his hedge fund into the black.

A spokesman for Shkreli says he denies the securities fraud charges he’s facing and “expects to be fully vindicated”. Retrophin’s board removed Shkreli as chief executive in September 2014, saying he used the company’s funds to pay off investors who lost money at his hedge fund.

The medical community, the Congress and even presidential candidates particularly Hillary Clinton and Bernie Sanders strongly criticized Turing Pharmaceuticals’ move, which was described as “price gouging” and “greedy”.

He was yanked out of his Murray Hill apartment in handcuffs Thursday, charged with lying to investors and misappropriating $11 million from his former pharmaceutical company.

“The Directors of Retrophin replaced Martin Shkreli as Chief Executive Officer more than a year ago because of serious concerns about his conduct.

His plots were only by efforts to hide the fraud, which led him to operate his companies…as a Ponzi scheme”, said a statement from the US Justice Department.

“Good to be back”. He said prosecutors and the Securities and Exchange Commission failed to understand the accounting.

If convicted, Shkreli would face a maximum sentence of 20 years imprisonment. I missed you too,”while responding to their comments”.

Shkreli entered a not guilty plea and was released on a $5 million bond, according to the Associated Press. “Thanks for the support”.