Martin Shkreli recently hit the front page of newspapers all over the world, after he made a sharp increase in the price of an AIDS pill by more than 5000% shortly after becoming the CEO of that pharmaceutical company. Known as the “pharma boss”, he was arrested by the FBI this Thursday after he was charged with securities fraud.
He was the former manager of MSMB Capital Management and chief executive of biopharmaceutical company Retrophin Inc. He isn’t alone though; Evan Greebel, Retrophon’s outside counsel is also involved. Both of them have been named in a seven-count indictment in a federal court in New York.
U.S. Attorney Robert Capers commented that the CEO never really cared about the companies he used to run, and only used the money from them for his own personal profit and to clear his own debts. Further investigations have revealed that both of them have been running these fraud schemes from 2009 till 2014.
Shkreli even fooled all the investors; he never thought that his schemes could affect his companies. He used to say in press conferences that the investments were great and so were the profits, all of which were complete lies. Greebel has been charged with wire fraud conspiracy
They may be charged with up to 20 years in jail if found guilty.