I think it is more that a lot of other drug companies are pissed that he is bringing bad press the eye of congress on drug companies pricing. Which in turn has seen the price of a lot of biotech companies drop the past few months
Shkreli Arrested on Securities Fraud Charges
- Thread starter billyjoerob
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I think it is more that a lot of other drug companies are pissed that he is bringing bad press the eye of congress on drug companies pricing. Which in turn has seen the price of a lot of biotech companies drop the past few months
If you read the charges, they are pretty serious. However, since he is not violent, he probably gets min security or club fed prison. He will need to pay for criminal attorneys and cover the debts he incurred so there may be some civil charges from the investors. I bet he gets at least 10 years unless he takes a plea deal or can give information against other scumbags.
Dude's an idiot because he knew he'd committed an indictable crime that was under investigation and somehow thought he was immune to karma in the form of prosecutorial discretion.
it seems like alot of people who work on 'wall st' who come from Humble Working Class beginnings become corrupt 
: This guy, and Jordan Belfort Wolf of Wall St, and Nick Leeson Rogue Trader.
...and you can even add Lloyd Blankfein CEO of Goldman Sachs to that list...some may say he was a big part in the financial collapse.
: This guy, and Jordan Belfort Wolf of Wall St, and Nick Leeson Rogue Trader....and you can even add Lloyd Blankfein CEO of Goldman Sachs to that list...some may say he was a big part in the financial collapse.
According to the SEC’s complaint filed in federal district court in Brooklyn:
- Shkreli was portfolio manager for the hedge fund MSMB Capital Management LP from October 2009 to March 2014, and also served as portfolio manager of another hedge fund he founded and controlled named MSMB Healthcare LP.
- Shkreli misappropriated about $120,000 from MSMB Capital Management from October 2009 to July 2011 to unlawfully pay for food, clothing, medical expenses, clothing, office rent, and cash withdrawals.
- Shkreli misled investors and prospective investors in MSMB Capital Management about the fund’s size and performance, claiming for example in July 2010 to have “returned +35.77% since inception on 11/1/2009.” In fact, the fund generated losses of about 18 percent.
- In another example, Shkreli falsely stated in December 2010 that the fund had $35 million in assets under management. In fact, the fund had less than $1,000 in assets in its bank and brokerage accounts.
- Shkreli lied to one of MSMB Capital Management’s executing brokers in February 2011 about the fund’s ability to settle a sizeable short sale in a pharmaceutical stock in MSMB Capital Management’s account. This transaction resulted in losses of more than $7 million to the executing broker who had to cover the short position in the open market.
- Shkreli misappropriated $900,000 from MSMB Healthcare in 2013 to settle claims asserted by MSMB Capital Management’s executing broker arising out of the losses suffered in the short selling transaction.
- From September 2013 to March 2014, Shkreli, with assistance from Greebel, fraudulently induced Retrophin to issue stock and make cash payments to certain disgruntled investors in Shkreli’s hedge funds who were threatening legal action. Shkreli and Greebel had investors enter into agreements with Retrophin misleadingly stating the payments were for consulting services when in fact the purpose was the release of potential claims against Shkreli.
it seems like alot of people who work on 'wall st' who come from Humble Working Class beginnings become corrupt
...and you can even add Lloyd Blankfein CEO of Goldman Sachs to that list...some may say he was a big part in the financial collapse.
"Become corrupt" is part of the curricula vitae on Wall Street, plebes on Wall St. are easy scapegoats.
Lol, you think so??
Yes, no question about it.