The infamous Martin Shkreli CEO of Turing Pharmaceuticals. The man who gloated about hiking the price of a drug that benefits AIDS patients, pregnant women and cancer patients over 400% was arrested Thursday morning on securities fraud charges.
Shkreli became his own PR nightmare by drawing attention to himself by defending his price hikes on news programs, and even on Twitter while attacking his critics, including presidential contender Hillary Clinton.
The spectacle that Shkreli created around himself and his company Turing Pharmaceuticals since late summer, even as the criminal probe proceeded, raised the question of whether he had any idea of the risk he was running — or whether his conduct was part of a plan to beat the rap in Brooklyn federal court and generate business.
On Thursday, the Securities and Exchange Commission unsealed a civil case against Shkreli, accusing him of orchestrating “widespread fraudulent conduct” from 2009 through 2014.
New York City criminal defense lawyer Gerald Lefcourt stated that Shkreli’s high-profile statements and actions in recent months “raises his profile to a degree that could be devastating to him if he ever has to face a judge at sentencing.”
Martin. Can you say “Karma”? (Oh and “Yes Sir, I am your bitch.)
UPDATE: 4:25 pm: Shkreli released on $5M bond, forfeits passport & travel restricted to eastern, southern districts of NY. http://cnb.cx/1PanMUM