Martin Shkreli, accused of drug price gouging, charged with securities fraud

Ex-pharmaceutical company CEO Martin Shkreli said Saturday the fraud allegations against him are “baseless and without merit”.

Thursday afternoon, Shkreli entered a not-guilty plea and was released on a $5 million bond. Alongside 42 year old Evan Greebel, who was Retrophin’s outside counsel, Shkreli is also on charges of deceitfully inducing investors to invest in two separate funds while at the same time embezzling the assets of publicly merchandized Retrophile.

The company announced today that Shkreli has resigned as CEO.

The Justice Department added that Shreli’s illicit activities occurred between 2009 and 2014.

Turing had incited outrage over drug prices earlier this year after it raised the price of the drug Daraprim to $750 a tablet from $13.50. Among those affected by the price hike were people infected with HIV-AIDS.

The sight of Turing Pharmaceutical CEP Martin Shkreli being perp-walked by the Federal Bureau of Investigation made the holidays brighter for many of us. An indie punk label Shkreli had backed, Collect Records, cut ties with him amid the uproar.

In that February 2012 filing, Shkreli stated that he had sold nearly 1 million shares of SeraCare stock on Valentine’s Day of that year. That’s because Shkreli would have been left with no significant net ownership stake in the company had the deal gone through.

Community Solutions, which helps communities better serve the homeless, said it will give back the entire $15,000 it received from Shkreli. “Because everything we’ve done is legal”, he said.

Then on Monday, his Twitter handle was changed to “Martin The God”, and a series of seven tweets were sent from his account, including: “Anyone want free money?” Turing said that Tilles will continue to hold the board chairman position as well.

Shkreli was charged with securities fraud and conspiracy. Shkreli, who has built a heavy presence on social media, chatted with viewers and played Internet chess in a livestream broadcast Friday (Dec 18) afternoon.

Other posts mocked Shkreli for his infamous price-gouging and his boasts about buying a one-of-a-kind Wu-Tang Clan album for $2 million.