CEO Who Overcharged for HIV Drugs is Getting Fed Dessert!
If you don’t believe in karma you might want to ask Martin Shkreli.
The 32-year-old drug company entrepreneur was arrested in his Manhattan home early Thursday morning by federal agents, on charges related to securities fraud.
Shkreli is best known as the CEO of Turing Pharmaceuticals AG who outrageously jacked up the price on an HIV medication from $13.50 to $750.
His second claim to fame is being the man who payed $2 million for a one-of-a-kind Wu- Tang Clan album and apparently told Complex that he had plans to bail Bobby Shmurda out of jail because they’re both from Brooklyn.
But that doesn’t seem like it’ll be happening any time soon, with Shkreli’s recent arrest.
Bloomberg reports that he was charged with illegally taking stocks from his biotechnology company, Retrophin Inc., and using the money to pay off his personal debts. The company later removed him as CEO due to his unethical business dealings.
Federal prosecutors are charging Shkreli for allegedly running fake consulting arrangements and making secret payoffs when his hedge fund, MSMB Capital Management lost millions.
Shkreli’s 5,000 percent inflation of the price of an HIV drug was widely criticized by politicians and healthcare professionals until he finally agreed to lower the price 50%. Even with that reduction the drug would still cost around $350 per pill and made it difficult for hospitals to keep in stock.
As awful as his greedy ways were there was no course of legal action that could be taken and his actions went unpunished. That is until life served him a steaming plate of karma.
What goes around really does come back around. With an onslaught of federal charges and regulatory actions, that Wu-Tang Clan album won’t be able to keep him warm for the holidays.