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FBI Arrests Hated Business Man for Fraud

by our Editors in Health & Body , 19 februari 2016


In the US, the widely hated business man Martin Shkreli has been arrested. The FBI suspects him of multiple cases of stock fraud. As the general manager of a pharmaceutical company, he is suspected of illegally selling stock to pay off hedge funds debts, where he was a funds manager.

With his current enterprise Turing, Mr Shkreli recently evoked furious reactions. His company bought the American rights to the medicine Daraprim and raised the price per pill from EUR 12 to 670. In a response on the storm of criticism, Turing partly reversed the price increase for hospitals and lowered the patient contribution, but the price was hardly lowered for insurers. Daraprim is prescribed a lot to AIDS patients to prevent infections. In the Netherlands, such a pill would cost 40 Eurocent.

Recently, Mr Shkreli surfaced in the media again when it was revealed that he was the mysterious buyer of the latest album of the Wu-Tang Clan. The hip hop group released only one copy of its album Once Upon A Time In Shaolin. Mr Shkreli did not want to comment on how much he spent on it, but experts estimate the amount at two million Dollars (1.8 million Euros).

Mr Shkreli, who is both admired and hated, is seen as an example of the American Dream. He grew up in a poor family in Brooklyn as the son of Balkan immigrants, and became a successful and rich entrepreneur on the Wall Street stock exchange before the age of 20. With his arrest and facing a running law suit, that dream now seems shattered.
 



 







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