Well it looks like that secret Wu Tang Clan album can go back, and Bobby Shmurda’s legal issues will go to the back burner.
Hated pharmaceutical CEO Martin Shkreli was arrested on securities fraud charges.
Shkreli gained negative notoriety earlier this year for significantly raising prices on a life-saving pill from $13.50 to $750 — was arrested by federal agents at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.
The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.
In the case that closely tracks that suit, federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He’s accused of conspiring with Shkreli in part of the scheme.
He became a hated man after he raised the price more for Daraprim almost $600.