Turing Pharma close to replacing CEO Shkreli

That brings us to today, where according to Bloomberg Business, federal agents showed up to Shkreli’s Manhattan home charging him not with price gouging life saving medication, (immoral, but not illegal) but rather for his involvement in a “complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions”.

Attorneys for the 32-year-old entrepreneur had no immediate comment. Shkreli’s future endeavors could include up to 20 years in prison.

While his arrest stemmed from allegations of fraud, his notoriety came about after he raised the price 55-fold for a drug called Darapim, from $13.50 to $750 a pill.

Filings from Jawando’s third quarter report show that Shkreli and executives of his company, Turing Pharmaceuticals, contributed more than $28,000 to Jawando’s campaign-about 10 percent of his total donations. The drug is the only approved treatment for a rare parasitic infection called toxoplasmosis that mainly strikes pregnant women, cancer patients and AIDS patients. He talked about his admiration for Bill Gates, who was once “one of the most hated people in the world”.

In the company’s statement, Tilles said he’s excited by the chance to guide Turing and that it’s “committed to ensuring that all patients have ready and affordable access to Daraprim” and a second drug, Vecamyl, a pill for treating high blood pressure. Bernie Sanders returned a donation from Shkreli.

Shkreli said the company would cut the price of Daraprim.

Shkreli is charged with securities fraud, related to his previous position as a hedge fund manager. In fact, he recently said he probably should have raised it more. “And my investors expect me to maximize profits, not to minimize them or go half or go 70 percent but to go to 100 percent of the profit curve”.

In the federal indictment and a complaint by the Securities and Exchange Commission, authorities said Shkreli started losing money and lying to investors from the time he started managing money.

Shkreli is alleged of misappropriating money from two hedge funds he established and made material misrepresentations to investors among other widespread misconduct.

Last month, Shkreli acquired a majority stake in publicly traded drugmaker KaloBios Pharmaceuticals Inc. and became CEO of that company too.

He’s a millionaire music aficionado who riled rap fans by buying the only known copy of an album by the Wu-Tang Clan. Nasdaq has placed KaloBios’ stock on a trading halt until the company provides more information.