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.
Skeevy Pharma douche-bro Martin Shrekeli has changed his greedy little mind on lowering the price of Daraprim a drug used to treat a parasitic infection and often given to HIV patients which he raised over 500% to $750 a pill after buying the company who made them originally for $13.50 a pill.
Turing Pharmaceuticals AG will not reverse its decision to raise the price of a decades-old drug, Daraprim, by more than 5,000 percent, backing out of previous statements that it would cut the cost by the end of the year. In an announcement on Tuesday, the company said that the list price of Daraprim, which jumped from $13.50 a pill to $750 a pill earlier this year, will not change. Instead, the company will offer hospitals up to 50 percent discounts and will make other adjustments to help patients afford Daraprim, a drug used to treat a parasitic infection and often given to HIV patients.
With the price standing, Turing will offer additional money-saving measures such as new, smaller bottles with only 30 tablets, helping to reduce the costs for hospitals to stock the medicine. The company will also offer zero-cost starter samples and, for commercially insured patients, co-payments of no more than $10 a prescription. For uninsured patients at or below 500 percent of the federal poverty level, the company will offer the drug for free. In an e-mail to The New York Times, Tim Horn, HIV project director for the AIDS research and policy organization Treatment Action Group, said: “This is, as the saying goes, nothing more than lipstick on a pig.”
Where is ACT-UP? The fact that his company is not under 24 hour protest saddens me greatly.
They sure don’t make activist like they used to.
Shrekeli’s company, Turing Pharmaceuticals is currently under investigation by the Federal government for price gouging.