Turing exec Martin Shkreli calls fraud charges ‘baseless and without merit’

When word spread of the then-CEO’s arrest last week, the internet was predictably interested and invested in the well-being of the album, beyond the collective moment of schadenfreude after Martin Shkreli was arrested. No mention was made of either David Moradi or Marek Biestek, both of whom were also elected to the board of KaloBios when Shkreli took over the company.

According to the Journal, a Federal Bureau of Investigation official earlier said Shkreli pursued ‘a securities fraud trifecta of lies, deceit and greed’. Shkreli denied wrongdoing. He’s accused of repeatedly losing money for investors and lying to them about it, as well as illegally taking assets from one of his companies to pay off debtors in another.

He has since been bailed after posting $5 million, and has entered a not guilty plea for the charges.

KaloBios Pharmaceuticals, a faltering drug company whose shares skyrocketed last month after the reviled former hedge fund manager Martin Shkreli disclosed a huge stake, has fired Shkreli as CEO.

On Thursday, the 32-year-old pharmaceutical executive was arrested on charges of securities and wire fraud from his time at Retrophin Inc.

Shkreli resigned from the company’s board of directors and from its audit committee, KaloBios said in a statement.

And then, over the weekend, Shkreli lost control of his Twitter account, after it was hacked.

While being unapologetic about the price of Daraprim, Shkreli added in the interview that Turing, from which he resigned as chief executive after the arrest, might change its approach.

His arrest was not related to the dramatic price hike for Daraprim.

And amid the public outrage against him, a NY homeless charity to which he donated $15,000 has said it will give him the money back.

Shortly before noon on Monday, it appeared Shkreli had regained control and move to a new Twitter handle. Trading in the stock has been halted since Thursday. The company has struggled to develop drugs that treat cancer and leukemia. The SEC complaint accuses Shkreli of a string of abuses, including exaggerating to hedge-fund investors his investment performance and assets under management. He tweeted on Saturday: “I am confident I will prevail”.