Turing CEO and hedge fund manager Martin Shkreli was arrested today for securities fraud during his tenure at MSMB Capital Management and Retrophin, which, all things considered, is, like, not even close to the worst thing he’s done.
At a news conference, U.S. Attorney Robert Capers said that the 32-year-old pharmaceutical executive “ran his companies like a Ponzi scheme, where he used each subsequent company to pay off defrauded investors in the prior company,” which, when you think about it, is surprisingly honorable compared to the fact he jacked up drug prices and purchased the only copy of a Wu-Tang Clan album for two million dollars.
Facing a maximum prison sentence of 20 years, Shkreli was charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy, allegedly taking assets from Retrophin, a biopharmaceutical company he founded in 2011, and using it to pay off unrelated debts. Though, when you take a step back and consider he once jacked up the price of a life-saving pill called Daraprim from $13.50 to $750 per tablet, those charges don’t sound all that bad.
The Securities and Exchange Commission claim that, by his mid-20’s, Shkreli had squandered and then lied about over $3 million received from nine investors, which almost seems admirable when juxtaposed with the fact he regularly hosted YouTube live-streams of himself playing League of Legends under the alias “Imagine Cerebral.”