Pharma Bro Martin Shkreli Just Got Arrested for Securities Fraud
By Josh Mur
Many may remember Martin Shkreli (AKA the “Pharma Bro”). Shkreli is the CEO of Turing Pharmaceuticals and made headlines across America after his company purchased the drug Daraprim and hiked the price from $13.50 to $750.00 per pill. Daraprim costs approximately $1 a pill to manufacture. Shkreli quickly came under fire from critics of all backgrounds, but managed to combat them with a smug attitude and an apparent shamelessness for his excessive greed.
In addition to dealing with the public’s reaction to his price-gouging, Shkreli has also been dealing with a $65 million lawsuit filed by his former company, Retrophin ─ of which he is the founder and former CEO. According to the company, Shkreli violated his obligated loyalty to the company by manipulating company stock and trades to pay off debts to his previous hedge fund, MSMB Capital Management. He has dismissed the allegations, claiming the lawsuit is “baseless and meritless.”
Now, he returns to the headlines, not with the secret Wu-Tang Clan albumin his hands, but with cuffs on his wrists. The Pharma Bro was arrested early Thursday morning and taken into custody from his home in New York City on charges of securities fraud. Along with Shkreli, New York lawyer Evan Greebel was also arrested, after the FBI investigation indicated he may be a co-conspirator.
The absurd pricing Turing Pharmaceuticals put on Daraprim, to many, is morally criminal in itself, especially since Shkreli had already done something very similar during his time with Retrophin, when he hiked up the price for Thiola, a medication used to treat kidney disease from $1.50 to $30.00 per pill. However, in a capitalist society, excessiveness, greed, and self-righteousness are surreally encouraged. His greed nonetheless appears to be his undoing, if the allegations against him prove to be true. Though he, himself, claims:
The $65 million Retrophin wants from me would not dent me. I feel great. I’m licking my chops over the suits I’m going to file against them.”
Shkreli’s cocky attitude is nothing new to the media, especially considering his childish tendency for Twitter wars. But truth be told, he seems to have a leg to stand on with this particular remark, seeing as the 32-year old CEO’s estimated net worth as of September was approximately $100 million.
What do you think should be done with Martin Shkreli? Do you believe that the public or government should have zero say in private enterprise, even if the consequences squeeze the sick out of their money for personal gain? Or do you believe these types of private enterprises should be left to do what they wish at the expense of people’s health, for the sake of maintaining the integrity of capitalism?
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