Pharma CEO Martin Shkreli Arrested For Securities Fraud (Top Story)

NEW YORK (AP) — Bad-boy pharmaceutical company executive Martin Shkreli (SHKREL’-ee) says fraud allegations against him are “baseless and without merit”.

As of Sunday afternoon, the most recent tweet for Shkreli said, “I am now a god”. From left are defense attorney Baruch White, Martin Shkreli, defense attorney Jonathan Sack and co-defendant Evan Greebel, who was charged with conspiracy.

“Over a five-year period, Shkreli is alleged to have perpetrated a series of frauds on investors in his hedge funds and Retrophin’s shareholders in order to cover up his poor trading decisions”, said Andrew J. Ceresney, director of the SEC’s enforcement division.

Turing Pharmaceuticals and Shkreli, a former hedge fun manager, faced a barrage of criticism in September when the company acquired Daraprim, a decades-old drug that is the preferred drug to treat toxoplasmosis, a life-threatening parasitic infection. He will be temporarily replaced by Ron Tilles as the company searches for a permanent CEO.

The government charges do not include activities at privately held Turing, which has been at the centre of a national drug pricing debate. The increase propelled Shkreli to the media spotlight: Presidential candidate Hillary Clinton pilloried him for gouging, and he was pulled into congressional drug pricing investigations.

Turing also said it was sending a similarly worded letter to doctors stressing that it will continue to offer financial assistance to eligible patients needing Daraprim who are either uninsured or have commercial insurance. YouTube representatives did not immediately respond to a request for comment.

“It’s good to be back”, Shkreli said at the beginning of the stream.

The maximum sentence for the top count is 20 years in prison. Shkreli eventually started his own pharmaceutical company, Turing Pharmaceuticals AG. “Thanks for the support”.