Wall Street Parasite Who Increased Price of Drug by 5000% Investigated for Stalking, Fraud, Corporate Looting

Martin Shkreli: Wall Street parasite turns out to be a scam artist of the first order.

By Travis Gettys
This isn’t the first time Martin Shkreli, the most hated man on the Internet, has attracted criticism for his unscrupulous business dealings.

RELATED STORY: Drug Corporation that Hiked Price of Drug 5000% Overnight Gives Drug Back to Original Owner, Prices Gets Rolled Back

US pharma co rolls back TB drug price after 5000% hike

Read more at: http://www.moneycontrol.com/news/world-news/us-pharma-co-rolls-back-tb-drug-price-after-5000-hike_3186541.html?utm_source=ref_article

US pharma co rolls back TB drug price after 5000% hike

Read more at: http://www.moneycontrol.com/news/world-news/us-pharma-co-rolls-back-tb-drug-price-after-5000-hike_3186541.html?utm_source=ref_article

US pharma co rolls back TB drug price after 5000% hike

Read more at: http://www.moneycontrol.com/news/world-news/us-pharma-co-rolls-back-tb-drug-price-after-5000-hike_3186541.html?utm_source=ref_article

Shkreli has ignited a firestorm after purchasing the rights to Daraprim, a 62-year-old drug used for treating life-threatening parasitic infections in babies and AIDS patients, and raising the price overnight from $13.50 per tablet to $750.

He gave an interview Monday to Bloomberg, which has taken a “special interest” in the 32-year-old Shkreli after the “self-trained biologist” dramatically changed his position on biotech futures.

“We’ve wondered whether, after years of betting on biotech stocks to fall, he’d undergone a conversion or was using his knowledge to game the field,” wrote Bloomberg’s Peter M. Barrett last year.

Shkreli founded the biotech company Retrophin, but he was “unceremoniously dumped” Sept. 30, 2014, as chief executive after the company’s board of directors concluded “Shkreli had committed stock-trading irregularities and other violations of securities rules,” reported Bloomberg.

The company he founded in 2009 sued Shkreli last month for $65 million in damages, claiming the ex-hedge fund manager gave away Retrophin shares to friends and used the biotech firm’s assets to pay off personal debts and keep afloat his sinking investment firm, MSMB Capital Management.

A filing made in November 2014 with the U.S. Securities and Exchange Commission showed Shkreli pulled in nearly $3 million in gross proceeds as he continued selling company stock while simultaneously urging investors to buy into Retrophin — which the rapper-quoting then-CEO hyped on his Twitter account.

Shkreli began plundering Retrophin after his hedge fund — which eventually collapsed — made a “disastrous” investment in Orexigen, reported FierceBiotech.

MSMB Capital Management lost more than $7 million and went “virtually bankrupt” after the 2011 investment, but Shkreli formed a health care-focused branch of the hedge fund to keep the company afloat rather than telling investors he lost their money.

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