Showing posts with label Securities Fraud. Show all posts
Showing posts with label Securities Fraud. Show all posts

Thursday, December 17, 2015

Bloomberg: Price Gouging Pharma CEO Shrekli Arrested on Securities Fraud Charges

by Nomad

It was really only a matter of time before Martin Shrekli's wings were clipped. And nobody's crying for him.


From the "it couldn't happen to a nicer guy" files...

This year, Turing Pharmaceuticals AG, CEO Martin Shkreli outraged the public sensibilities by raising the price of a HIV treatment drug from $13.50 to $750. 

Shrekli initially scoffed at the firestorm against the decision. He took to Twitter and other social media to essentially give the middle finger to anybody that criticized him.
When the controversy grew louder, he vowed to lower the price. However, it was later reported that he had failed to do so. His critics- which ended up being most of the nation-claimed that Shrekli had never had any intention of lower pricing at all but it was just a ploy to quell the growing public anger at both his greed and arrogance.

It soon became part of the political debate. A spokesman for Democratic candidate Bernie Sanders returned campaign donations from the CEO saying they could not accept to money “from this poster boy for drug company greed.”
Donald Trump - of all people- called Shrekli a "spoiled brat."