Pharma CEO Martin Shkreli Speaks Out After Arrest and Resignation

Shkreli started working as an intern on Jim Cramer’s Mad Money as a teenager, where he started recommending stock strategies that worked.

Shkreli’s arrest immediately raised questions about his future not only at Turing but at KaloBios, a publicly traded California company that he gained control of in November, by leading an investor group that acquired the company’s shares on the open market.

Ex-pharmaceutical company CEO Martin Shkreli said Saturday the fraud allegations against him are “baseless and without merit”. Research Development on new medications continues to be a priority for the company. Bernie Sanders has spoken on it as well as Hillary Clinton.

Shkreli became the target of global revulsion after he jacked up the prices on a lifesaving drug and then reveled in the backlash from a range of critics – including Donald Trump.

The hedge fund manager-turned-pharmaceutical company, CEO was arrested abruptly from his Manhattan home before dawn and in a dramatic turn of events.

The criminal case doesn’t involve Turing or Daraprim. The Inquisitr wrote a report on another company that was willing to lower the price on the a version of that drug, in response to the outrage to $1 a pill.

Doctors and medical groups said the price hike was cutting patients off from lifesaving treatment, activists protested outside Turing’s offices, and the episode helped prompt a Senate hearing on drug prices. His travel is restricted to parts of NY and he surrendered his passport, CNBC reports.

Valeant’s chief executive was very direct about his position. “Because everything we’ve done is legal”, he said.

U.S. police officials arrested Shkreli on Thursday (Dec 17) and charged him with a brazen fraud scheme in which he lied to investors, moved money between investments to cover losses in other vehicles and siphoned off cash for personal expenses.

However, it is still not clear who hacked Shkreli’s Twitter account.

The Brooklyn-born Shkreli has found himself at the center of a firestorm over drug pricing in the last few months, and he hasn’t been afraid to throw on more fuel.

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