Martin Shkreli Charged With Running a Ponzi Scheme
Turing Pharmaceutical’s 32-year-old CEO, and the self-proclaimed “most successful Albanian ever”, Martin Shkreli, first made headlines in September when he raised the price of Daraprim from $13.50 per pill to $750. The country quickly turned against him, he lashed out in the most asinine ways possible -- calling a journalist a “moron” for asking why he hiked the price -- and later, he fell on his sword, promising to lower the price of the medication. But he never did.
Somehow, none of this landed him in any serious legal trouble. Instead, Shkreli was indicted and arrested by the FBI for charges that stem from his work at Retrophin, Inc. from 2012 to 2014. According to Buzzfeed, “Federal prosecutors allege that he lied about the success of the company in order to earn the funds to pay off investors, which resulted in the loss of $11 million.”
U.S. Attorney Robert Capers said in a statement that “Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit.”
“His plots were matched only by efforts to conceal the fraud, which led him to operate his companies, including a publicly traded company, as a Ponzi scheme, where he used the assets of the new entity to pay off debts from the old entity,” he said.
Now, we are treated to the schadenfreude of watching Pharma Bro go down for his crimes from years past, ones we hardly even knew happened, and most likely would have never known about if he hadn’t pulled a fast one with Daraprim.
There is still a pending Senate investigation into whether or not Turing is culpable for charges in the price hike, but Shkreli will have probably skated out of the slammer on bail for these current charges and disappeared in Mexico before they reach any real conclusions.
Crime does not pay. Well, unless it’s white collar crime. Then, it pays enough to buy the Wu-Tang Clan’s $2 million dollar album. I hope that while Shkreli is in lockup, the Wu makes good on the contract stipulation to “heist” their album back from Ponzi Bro.
- Vigilant Producer Alex Logan
Should Pharma Bro stand trial for hiking the price of Daraprim as well? Sound off below!
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