‘Pharma Douche’ Martin Shkreli Arrested On Fraud Charges
Merrrrrry Christmas, Frisky readers! Oh wait, what’s that? It’s not Christmas yet? It’s only December 17 and Christmas is still eight days away? Sorry about that, but I think you can understand how I could be confused, considering Santa and his reindeer delivered the world a great gift today — Martin Shkreli, that little toad behind Turing Pharmaceuticals, has been arrested on fraud charges. BWAHAHAHAHA.
Amazingly, Shkreli was arrested for something entirely unrelated to price gouging on pharmaceuticals, which made him the subject of many an angry blog post over the last few months. Shkreli was actually picked up by the Feds for misusing funds from his old company Retrophin, which he started in 2011. According to the New York Times, the federal charges apparently echo a civil lawsuit filed by the board of the company, which ousted him as CEO in September 2014, which says that Shkreli used the company money “as a kind of personal piggy bank to help pay off upset investors who lost money” at his then-hedge fund, MSMB Capital Management.
“Shkreli was the paradigm faithless servant,” Retrophin’s complaint says. “Starting sometime in early 2012, and continuing until he left the company, Shkreli used his control over Retrophin to enrich himself and to pay off claims of MSMB investors (who he had defrauded).”
So, Wall Street/stocks/bonds/hedgefunds/blahblahblah/money/#richpeopleshit is, like, lightyears outside my purview, but basically, it sounds like in addition to fucking sick/poor people by jacking up the prices of the meds they need, Shkreli also liked to do shady shit with rich people’s money. And rich people don’t like it when you do shady shit with their money, unless they are in cahoots with you doing shady shit with their money, and it sounds like these Retrophin dudes weren’t, so THEY MAD and that got the Feds mad. And while Shkreli has been pretty smug about Retrophin’s lawsuit –“The $65 million Retrophin wants from me would not dent me,” he said in an interview. “I feel great. I’m licking my chops over the suits I’m going to file against them” — I’m guessing he’s feeling a little less optimistic about spending the holidays in jail. Fa-la-la-la-la, Pharma Douche!