Martin Shkreli Ran Companies ‘Like A Ponzi Scheme’ Prosecutor Charges (Video)
Reviled CEO Martin Shkreli’s management of his pharmaceuticals companies led to his arrest today on securities fraud charges.
Martin Shkreli ran his companies “like a ponzi scheme,” the U.S. Attorney said at a press conference explaining the charges against the Turning Pharmaceuticals and now-former Retrophin CEO this afternoon.
BREAKING: U.S. Attorney says Martin Shkreli “essentially ran his companies like a ponzi scheme…” pic.twitter.com/T5XQ6SoYuk
— CNBC Now (@CNBCnow) December 17, 2015
Shkreli, who came to national infamy after raising the price of a life-saving AIDS and cancer drug 5500%, was arrested this morning by the FBI while in his Manhattan apartment, on securities fraud charges. As the market opened, stock in one of Shkreli’s companies tanked before trading was halted, costing him an estimated $26 million.
MOMENTS AGO: Martin Shkreli leaving FBI after being processed by officials in New York following his arrest. https://t.co/qGNZOusfgV
— CNBC Now (@CNBCnow) December 17, 2015
Shkreli will be arraigned at 2:00 PM today.
The U.S. Attorney explained the charges today:
As alleged in indictment, Martin Shkreli ran companies “like a Ponzi scheme,†attorney says https://t.co/nObpaS6wcv https://t.co/FGeqmvASbm
— CBS News (@CBSNews) December 17, 2015
U.S. Attorney explains “Ponzi scheme similarities†while discussing Martin Shkreli charges https://t.co/cFjdScht4G https://t.co/l5e1cqSvLD
— CBSN (@CBSNLive) December 17, 2015
More:
#MartinShkreli charged with orchestrating 3 schemes. 2 with hedge funds he founded and managed. Third with Retrophin.
— Mary Georgantopoulos (@marygeorgant) December 17, 2015
“This investigation centers on conduct at Retrophin. I don’t know where he got funds for Wu Tang Clan album” #MartinShkreli
— Mary Georgantopoulos (@marygeorgant) December 17, 2015
Â
EARLIER:
Martin Shkreli Loses $26 Million After Being Arrested
Drug Price Gouging ‘Pharma Bro’ Martin Shkreli Arrested By FBI For Securities Fraud
Martin Shkreli’s Turing Pharmaceuticals, Which Raised AIDS Drug Price 5000%, Loses $14 Million
Remember ‘Pharma Bro’ Martin Shkreli? Senate Summons Him To Testify Over Drug Price Gouging
Rival Company Offers $1 Alternative For HIV Drug After Infamous CEO Raised Price To $750
CEO Who Raised AIDS Drug Price 5000% Admits It Costs Only About $1 To Make
Â
Â
Image: Screenshot via CNBC/Twitter

Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.
![]() |