Martin Shkreli, the 32-year old pharmaceutical executive and the most hated man of 2015, has just been indicted by the FBI for securities fraud; stemming from an investigation conducted by his previous tenure at MSMB Capital Management. He is accused of running a Ponzi scheme by using funds from Retrophin to pay back investors. He and co-defendant, attorney Evan Greebel, are accused of illegally funneling millions of dollars in cash and Retrophin stock through fake consultation appointments.
Shkreli has been making waves across headlines the last few months for a wide array of reasons. The most note-worthy being his purchase and price hike of Daraprim. Shkreli purchased the patent for $55 million and raised the price from $13.50 to $750.00 per pill. Daraprim is used to treat toxoplasmosis and AIDS. The move was met with backlash and after promising to lower the price of the medication, Shkreli went back on his word. Martin Shkreli also made headlines after purchasing the coveted Wu-Tang album Once Upon a Time in Shaolin at an auction for $2 million.
Shkreli has maintained his innocence and has stated that he “is confident he will be cleared of all charges.” Is karma coming back for Shkreli for his questionable morals, or will the wannabe wolf of wall street beat the charges? If convicted, Shkreli is facing 20 years in prison.