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Martin Shkreli Earns Another Charge, Pleads Not Guilty

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Martin Shkreli Earns Another Charge, Pleads Not Guilty
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Martin Shkreli, co-founder of the hedge fund MSMB Capital Management, co-founder and former CEO of the biotechnology firm Retrophin Inc (NASDAQ: RTRX), and founder and former CEO of Turing Pharmaceuticals, was back in court on Monday.

Shkreli -– dubbed by the media as “the most hated man in America” after acquiring notoriety for hiking the price of a drug used to treat AIDS from $13.50 to $750 per tablet -- was cited by a Brooklyn court. Prosecutors are now alleging the former CEO had kept from investors information about his control over unrestricted shares of Retrophin.

While Shkreli’s lawyer, Ben Brafman, argued the indictment "adds nothing of value to the government's case that still relies on a flawed theory,” the defendant faces eight counts of conspiracy and securities fraud during his time in MSMB Capital Management and Retrophin, and is free under a $5 million bail.

Shkreli appeared in the Brooklyn court earlier this afternoon and has reportedly pleaded not guilty to the new charges. U.S. district judge Kiyo Matsumoto didn't set a trial date yet, but suggested she is considering a date around early 2017.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Posted-In: Martin ShkreliBiotech News Health Care Legal General

 

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