‘Most Hated Man On The Internet’ Probably Won’t Be Driving Up Drug Prices Anymore
You probably remember this wanker… well, it finally looks like he’s had his comeuppance.
Martin Shkreli has resigned as chief executive of Turing Pharmaceuticals following his arrest on Thursday, unfortunately it wasn’t to do with the ridiculous drug price hikes.
Shkreli was arrested on fraud charges in relation to another drug company and a hedge fund he managed. Ron Tilles will become interim chief executive.
The 32-year-old has been accused of running a Ponzi scheme at his former company, with U.S prosecutors saying on Thursday that ‘Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit’.
The US Securities and Exchange Commission charged him with defrauding investors in MSMB to conceal poor investment choices and accused him of taking money from the hedge fund to use for personal expenses. Mr Shkreli denied the charges in court and was released on bail of $5m.
CEO of Turing Pharmaceuticals, Shkreli, first caused outrage and earned the infamous title of ‘most hated man on the internet’ by hiking up the price of an effective HIV drug by 5,000 per cent, from $13.50 to $700.
The Wall Street wanker originally said he’d look into trying to reduce the price after a public backlash, but then decided against doing so.
Just last week he also had plans to raise the price of a medicine used to treat people suffer with a parasitic infection which can cause heart failure- Chagas disease. It was reported that it could be increased from $50 to anywhere between $60,000 to $100,000 per course of treatment.
After his alleged dodgy dealings, it looks like no-one wants his money including a homeless New York charity who announced they’d be giving back a $15,000 donation from the young CEO.
Could this finally be the end of Martin Shkreli? We hope so…