Pharma bro Shkreli faces new charges

Martin Shkreli, Turing Pharmaceutical, Daraprim, Arrested, Fraud
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A former drug exec who drew widespread scorn for hiking the price of a lifesaving medicine is facing more criminal charges, according to a new report.

Martin Shkreli and his former attorney Evan Greebel on Friday were charged with defrauding potential investors in San Diego, according to The Associated Press.

{mosads}Federal prosecutors said the pair misled potential investors for Retrophin, Inc., allocating company stock to seven employees there to conceal Shkreli’s ownership of it.

Shkreli’s attorney said the allegations would not change the “flawed theory” of the case, while Greebley’s lawyer refused comment.

The new charges are unrelated to Shkreli’s tenure as CEO of Turing Pharmaceutical, where he inspired worldwide derision for steeply raising the price of a medication used for malaria patients.

Last year he raised the price of the drug Daraprim from $13.50 per pill to $750, an eye-popping 5,000-percent increase that outraged consumers.

Daraprim, a 62-year-old drug, is used for treating a rare infection that mostly strikes AIDS and cancer patients and pregnant women.

Shkreli previously pled not guilty to charges he lost money through poor trades and looted his pharmaceutical company to pay them back.

He was arrested last December and accused of illegally taking Retrophin stock and using it to pay off unrelated business debts.

Federal prosecutors also alleged he conducted an elaborate shell game with his shuttered hedge fund, MSMB Capital Management. Shkreli allegedly used the firm to make sham consulting agreements and under-the-table payoffs.

U.S. Attorney Robert Capers said last December Shkreli “essentially ran [Retrophin] like a Ponzi scheme” and used the company as his “personal piggy bank.”

Shkreli headed Retrophin from 2012 to 2014. He and Greebley face up to 20 years if convicted of the charges against them.

Tags Business Crime Drugs Inc. Martin Shkreli pharmaceuticals Retrophin Turing Pharmaceutical

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