Smirking Pharma bro Martin Shkreli arrives at court as it emerges he has lost $40MILLION since his arrest

  • Price-hiking pharma CEO Martin Shkreli has lost $40million since his arrest
  • Most of his stock is in his old company, which has seen its value plummet
  • Prosecutors may have to seize more of his assets as his $5million bail was paid for by his trading account
  • Former hedge fund managed is charged with securities fraud & conspiracy
  • He was branded ‘the most hated man in America’ after upping the price of a drug used to treat HIV by 5,000 per cent
30D8598500000578-3431152-image-m-50_1454562141939
Price-hiking pharma CEO Martin Shkreli smirked as he arrived in court on Wednesday as it emerged he has lost $40million since his arrest.

Prosecutors said most of Shkreli’s stock was in his old company KaloBios, which has seen its share prices plummet from $40 to barely $2 a share in just months.

Shkreli – who bought the rights to a drug used to treat HIV before increasing the price of it 5,000 per cent – used the same trading account to secure his $5million bail.

Prosecutor Winston Paes told Brooklyn Federal Court that the court may have to look into securing money from the Former Turing Pharmaceuticals boss by other means, the New York Post reported.

Shkreli’s attorney Benjamin Brafman told the court he would keep an eye on the bail package.

In December, the former hedge fund manager was charged with securities fraud and conspiracy related to another pharmaceutical company he previously ran, Retrophin.

He has called the charges ‘baseless and meritless’.

Shkreli was branded ‘the most hated man in America’ last year after hiking the price of life-saving drug Daraprim by more than 5,000 per cent.

Daraprim is the only approved medication for a parasitic infection which mainly strikes patients with weakened immune systems, including those with cancer and AIDS.

Turing purchased the six-decade-old drug from Impax Laboratories in August for $55million and promptly raised its price.

Shkreli (pictured outside court on Wednesday) smirked as he arrived in court on Wednesday as it emerged he lost millions of dollars in investments
Shkreli (pictured outside court on Wednesday) smirked as he arrived in court on Wednesday as it emerged he lost millions of dollars in investments

Prosecutors said most of Shkreli's (pictured outside court on Wednesday) stock was in his old company KaloBios, which has seen its share prices plummet from $40 to barely $2 a share in just months
Prosecutors said most of Shkreli’s (pictured outside court on Wednesday) stock was in his old company KaloBios, which has seen its share prices plummet from $40 to barely $2 a share in just months

Shkreli (pictured outside court on Wednesday) was branded 'the most hated man in America' last year after hiking the price of life-saving drug Daraprim by more than 5,000 per cent
Shkreli (pictured outside court on Wednesday) was branded ‘the most hated man in America’ last year after hiking the price of life-saving drug Daraprim by more than 5,000 per cent

But anticipating a possible backlash, the company warned in an internal memo: ‘HIV patient advocacy may react to price increase … HIV community is highly organized, sensitive and action-oriented.’

The price increase left some patients with co-pays as high as $16,000, according to the committee’s review of more than 250,000 pages of documents from New York-based Turing.

Turing said on Tuesday that it is ‘committed to ensuring that no patient will ever be denied access to Daraprim because of cost’.

He has also faced anger for buying the sole copy of Wu-Tang Clan’s Once Upon a Time in Shaolin, but then threatening to wipe out contributions on the album by Ghostface Killah.

The influential New York rap ensemble had made only one copy of the album, which was stored in a vault in Morocco until Shkreli bought it for $2million.

Source: Daily Mail UK

Dale Bothe

AusRealNews.com.au editor

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisment ad adsense adlogger