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Price Gouging CEO Arrested on Fed Securities Fraud Charges

Posted: Thu Dec 17, 2015 1:32 pm
by silverscreenselect
Some Christmas cheer to brighten everyone's day:

Martin Shkreli, CEO of Turing Pharmaceuticals, who made a name (not a very nice one) for himself earlier this year when he raised the price of an AIDS drug from $13.50 to $750 a pill was arrested on federal securities fraud charges in relation with a hedge fund he formerly ran. Supposedly, he illegally took stock from a technology fund he headed and used it to pay off claims from investors in the defunct hedge fund. He also and misled investors about the hedge fund, at one time saying in had $35 million in assets when it had about $700. That's seven hundred, not seven hundred thousand. None of these charges relate to his time at Turing. Shkreli's attorney was also arrested. The top conspiracy charge against him carries a 20 year federal sentence.

I sure hope he doesn't need any AIDS drugs while he's in the slammer. It will be hard to pay for them with what he'll be making washing dishes.

http://www.usatoday.com/story/money/201 ... /77469752/

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Thu Dec 17, 2015 3:17 pm
by BackInTex
I saw a Facebook post saying his attorney raised his hourly rate from $1200/hr to $60,000/hr. I'm sure it is just wishful thinking, but it would make me smile.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Thu Dec 17, 2015 4:44 pm
by K.P.
BackInTex wrote:I saw a Facebook post saying his attorney raised his hourly rate from $1200/hr to $60,000/hr. I'm sure it is just wishful thinking, but it would make me smile.
Too good. Had to steal it.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Thu Dec 17, 2015 5:45 pm
by MarleysGh0st
Jury selection at his trial will be interesting. :twisted:

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Dec 18, 2015 12:23 pm
by silverscreenselect
Under the category of dog-bites-man news, Shkreli has resigned as CEO of Turing Pharmaceuticals. By the way, a conviction on these fraud charges would bar him from an officer or director position ant any publicly traded company in the future (Turing is a privately held company). Shkreli is out on $5 million bail.

The interim CEO said:
We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors,
Earlier this week, Shkreli referred to himself on Twitter as the "world's most eligible bachelor." That status might be in jeopardy, since his future endeavors are likely to involve lots of new friends he'll meet in the shower at the Federal pen.

http://www.usatoday.com/story/money/201 ... /77557514/

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Sun Dec 20, 2015 4:37 pm
by themanintheseersuckersuit
Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 8:52 am
by Bob Juch
themanintheseersuckersuit wrote:Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?
Vote for a President who supports a single-payer system.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 10:09 am
by SportsFan68
Bob Juch wrote:
themanintheseersuckersuit wrote:Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?
Vote for a President who supports a single-payer system.
I tried to google this, and it looks like Sanders is a current supporter, and Clinton and Trump both did so at one time.

I'm confident I'll be voting for Sanders or Clinton but couldn't find her current position.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 10:48 am
by Bob Juch
A medical bill for a snake bite in the US.

Image

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 11:11 am
by jarnon
In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 11:36 am
by Bob Juch
jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
The drug and insurance industry groups donate to everyone.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 1:42 pm
by silverscreenselect
Bob Juch wrote:A medical bill for a snake bite in the US.
Anyone actually having to pay that gives new meaning to the word "snakebit."

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Mon Dec 21, 2015 6:50 pm
by BackInTex
Bob Juch wrote:
jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
The drug and insurance industry groups donate to everyone.
What did you say that jarnon didn't?

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Tue Dec 22, 2015 10:29 am
by Bob Juch
BackInTex wrote:
Bob Juch wrote:
jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
The drug and insurance industry groups donate to everyone.
What did you say that jarnon didn't?
His statement didn't include all politicians.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Aug 04, 2017 4:14 pm
by jarnon
The asshole was convicted of two counts of securities fraud and one count of conspiring to commit securities fraud.

'Pharma Bro' Martin Shkreli convicted on three of eight criminal charges

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Mar 09, 2018 1:48 pm
by Vandal
Pharma bro Martin Shkreli was sentenced Friday to a seven-year prison term, ordered to forfeit nearly $7.4 million and fined $75,000 for the 2017 securities fraud and conspiracy convictions that upended the drug industry investor's career.

https://www.usatoday.com/story/money/20 ... 359705002/

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Mar 09, 2018 2:18 pm
by Billy Bored Thornton
Image

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Mar 09, 2018 5:54 pm
by Beebs52
Billy, yes!

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Mar 09, 2018 8:35 pm
by Billy Bored Thornton
Beebs52 wrote:Billy, yes!
I knew you'd come around.


Peaches.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Fri Mar 09, 2018 9:46 pm
by elwoodblues
Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Sat Mar 10, 2018 10:04 am
by BackInTex
elwoodblues wrote:Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.
It's not illegal what he did with the pricing. You think folks should be thrown in jail for NOT breaking the law?

Believe me, those "rich" people you so hate were the ones who said "How can we get this guy? <within the law>". They found a way.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Sat Mar 10, 2018 10:15 am
by elwoodblues
BackInTex wrote:
elwoodblues wrote:Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.
It's not illegal what he did with the pricing. You think folks should be thrown in jail for NOT breaking the law?

Believe me, those "rich" people you so hate were the ones who said "How can we get this guy? <within the law>". They found a way.
I understand all that. It was just funny that the thing that was legal was the reason most people hated him.

Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg

Posted: Sat Mar 10, 2018 3:22 pm
by Beebs52
Billy Bored Thornton wrote:
Beebs52 wrote:Billy, yes!
I knew you'd come around.


Peaches.
Broken clock. Twice a day.