Price Gouging CEO Arrested on Fed Securities Fraud Charges
- silverscreenselect
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Price Gouging CEO Arrested on Fed Securities Fraud Charges
Some Christmas cheer to brighten everyone's day:
Martin Shkreli, CEO of Turing Pharmaceuticals, who made a name (not a very nice one) for himself earlier this year when he raised the price of an AIDS drug from $13.50 to $750 a pill was arrested on federal securities fraud charges in relation with a hedge fund he formerly ran. Supposedly, he illegally took stock from a technology fund he headed and used it to pay off claims from investors in the defunct hedge fund. He also and misled investors about the hedge fund, at one time saying in had $35 million in assets when it had about $700. That's seven hundred, not seven hundred thousand. None of these charges relate to his time at Turing. Shkreli's attorney was also arrested. The top conspiracy charge against him carries a 20 year federal sentence.
I sure hope he doesn't need any AIDS drugs while he's in the slammer. It will be hard to pay for them with what he'll be making washing dishes.
http://www.usatoday.com/story/money/201 ... /77469752/
Martin Shkreli, CEO of Turing Pharmaceuticals, who made a name (not a very nice one) for himself earlier this year when he raised the price of an AIDS drug from $13.50 to $750 a pill was arrested on federal securities fraud charges in relation with a hedge fund he formerly ran. Supposedly, he illegally took stock from a technology fund he headed and used it to pay off claims from investors in the defunct hedge fund. He also and misled investors about the hedge fund, at one time saying in had $35 million in assets when it had about $700. That's seven hundred, not seven hundred thousand. None of these charges relate to his time at Turing. Shkreli's attorney was also arrested. The top conspiracy charge against him carries a 20 year federal sentence.
I sure hope he doesn't need any AIDS drugs while he's in the slammer. It will be hard to pay for them with what he'll be making washing dishes.
http://www.usatoday.com/story/money/201 ... /77469752/
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- BackInTex
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
I saw a Facebook post saying his attorney raised his hourly rate from $1200/hr to $60,000/hr. I'm sure it is just wishful thinking, but it would make me smile.
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~~ Thomas Jefferson
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-- Benjamin Franklin (maybe)
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Too good. Had to steal it.BackInTex wrote:I saw a Facebook post saying his attorney raised his hourly rate from $1200/hr to $60,000/hr. I'm sure it is just wishful thinking, but it would make me smile.
- MarleysGh0st
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Jury selection at his trial will be interesting.
- silverscreenselect
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Under the category of dog-bites-man news, Shkreli has resigned as CEO of Turing Pharmaceuticals. By the way, a conviction on these fraud charges would bar him from an officer or director position ant any publicly traded company in the future (Turing is a privately held company). Shkreli is out on $5 million bail.
The interim CEO said:
http://www.usatoday.com/story/money/201 ... /77557514/
The interim CEO said:
Earlier this week, Shkreli referred to himself on Twitter as the "world's most eligible bachelor." That status might be in jeopardy, since his future endeavors are likely to involve lots of new friends he'll meet in the shower at the Federal pen.We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors,
http://www.usatoday.com/story/money/201 ... /77557514/
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- themanintheseersuckersuit
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?
Suitguy is not bitter.
feels he represents the many educated and rational onlookers who believe that the hysterical denouncement of lay scepticism is both unwarranted and counter-productive
The problem, then, is that such calls do not address an opposition audience so much as they signal virtue. They talk past those who need convincing. They ignore actual facts and counterargument. And they are irreparably smug.
feels he represents the many educated and rational onlookers who believe that the hysterical denouncement of lay scepticism is both unwarranted and counter-productive
The problem, then, is that such calls do not address an opposition audience so much as they signal virtue. They talk past those who need convincing. They ignore actual facts and counterargument. And they are irreparably smug.
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Vote for a President who supports a single-payer system.themanintheseersuckersuit wrote:Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?
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- SportsFan68
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
I tried to google this, and it looks like Sanders is a current supporter, and Clinton and Trump both did so at one time.Bob Juch wrote:Vote for a President who supports a single-payer system.themanintheseersuckersuit wrote:Our local hospitals routinely send bills for 10x the prevailing rate, what should we do about them?
I'm confident I'll be voting for Sanders or Clinton but couldn't find her current position.
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
A medical bill for a snake bite in the US.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
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Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
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- jarnon
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
The drug and insurance industry groups donate to everyone.jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- silverscreenselect
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Anyone actually having to pay that gives new meaning to the word "snakebit."Bob Juch wrote:A medical bill for a snake bite in the US.
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- BackInTex
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
What did you say that jarnon didn't?Bob Juch wrote:The drug and insurance industry groups donate to everyone.jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
His statement didn't include all politicians.BackInTex wrote:What did you say that jarnon didn't?Bob Juch wrote:The drug and insurance industry groups donate to everyone.jarnon wrote:In the Democratic debate, Clinton didn't go as far as endorsing a single-payer system, but she did support reducing payments for drugs (the biggest part of the bill shown above). Both drug and insurance industry groups have donated millions to politicians of both parties, notably Mrs. Clinton.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- jarnon
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
The asshole was convicted of two counts of securities fraud and one count of conspiring to commit securities fraud.
'Pharma Bro' Martin Shkreli convicted on three of eight criminal charges
'Pharma Bro' Martin Shkreli convicted on three of eight criminal charges
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Pharma bro Martin Shkreli was sentenced Friday to a seven-year prison term, ordered to forfeit nearly $7.4 million and fined $75,000 for the 2017 securities fraud and conspiracy convictions that upended the drug industry investor's career.
https://www.usatoday.com/story/money/20 ... 359705002/
https://www.usatoday.com/story/money/20 ... 359705002/
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- Billy Bored Thornton
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
What the f$%$ck are you looking at?
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
I knew you'd come around.Beebs52 wrote:Billy, yes!
Peaches.
What the f$%$ck are you looking at?
- elwoodblues
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.
- BackInTex
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
It's not illegal what he did with the pricing. You think folks should be thrown in jail for NOT breaking the law?elwoodblues wrote:Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.
Believe me, those "rich" people you so hate were the ones who said "How can we get this guy? <within the law>". They found a way.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- elwoodblues
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
I understand all that. It was just funny that the thing that was legal was the reason most people hated him.BackInTex wrote:It's not illegal what he did with the pricing. You think folks should be thrown in jail for NOT breaking the law?elwoodblues wrote:Kids, let this be a lesson. It's okay to price-gouge people who need medicine, but don't you dare try to cheat rich people.
Believe me, those "rich" people you so hate were the ones who said "How can we get this guy? <within the law>". They found a way.
- Beebs52
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Re: Price Gouging CEO Arrested on Fed Securities Fraud Charg
Broken clock. Twice a day.Billy Bored Thornton wrote:I knew you'd come around.Beebs52 wrote:Billy, yes!
Peaches.
Well, then