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Saturday, December 19, 2015

Karma, Bro

This has been a terrible week for Martin ‘Pharma Bro’ Shkreli. It seems that his greed has finally come to bite him in the ass. 

Not only was he arrested on federal securities fraud charges related to his days a hedge funder, but he was also caught in a humiliating perp walk on his way to jail. 

After being released on a $5 million bond, Shkreli announced on Friday that he will be resigning as CEO of Turing Pharmaceuticals amid the scandal.

Ron Tilles, who will fill in as interim CEO as Shkreli steps down said the following:

“We wish to thank Martin Shkreli for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today, and wish him the best in his future endeavors.”
According to U.S. Attorney Robert Capers, who is heading up the team prosecuting Shkreli, the young millionaire used Retrophin, a separate drug outfit he was running, as his “personal piggybank.” 

The whole thing was nothing more than a very  clever and elaborate ponzi scheme. Capers said of the charges brought against Shkreli:
“The charges announced today describe a securities fraud trifecta of lies, deceit and greed. As charged, Martin Shkreli targeted investors and retained their business by making several misrepresentations and omissions about key facts of the funds he managed.”
This whole delicious crashdown couldn’t happen to a nicer guy. Shkreli is a greedy douchebag who used a drug vital to the health and lives of cancer and AIDS patients to turn a huge personal profit, and, while that particular atrocity isn’t the reason for Shkrelis’ arrest, it doesn’t hurt that it’s the reason for his notoriety in the first place.

Hopefully, what these prosecutors have on this guy is good, because if convicted Pharma Bro could spend the next two decades behind bars, which, as far as I’m concerned, is exactly where he belongs.