Bobby Shmurda Super Fan Martin Shkreli Has Been Busted for Securities Fraud

Screen Shot 2015-12-17 at 2.24.39 PMA day after trolling the Hip Hop world with his desire to bail out incarcerated rapper Bobby Shmurda, and purchasing the Wu-tang album for a reported $2 million, Marty Mar came crashing down today when he was arrested for securities fraud . Marty came into our consciousness when it was discovered that he was jacking up the price for an AIDS medicine by something like  5000%.

via Slate

Shkreli is currently the chief executive of Turing Pharmaceuticals, which this Summer purchased the rights to Daraprim, a 62-year-old drug used to treat a potentially deadly parasitic infection, and promptly began charging $750 per pill.

The drug had previously cost $13.50. The federal investigation into Shkreli is reportedly unrelated to his most recent exploits in drug price gouging, however. Rather, it involves accusations that he bilked investors at his previous company, the biotech firm Retrophin that he founded in 2011, by taking stock and using it to cover debts from his failed hedge fund, MSMB Capital. Retrophin’s board eventually booted Shkreli and sued him. According to Bloomberg, the federal case “closely tracks that suit.”

FULL STORY HERE…

 

Sound Off!!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s