Turing’s Bad-Boy Boss Martin Shkreli Faces Fraud Charges
The drug company CEO, who has drawn criticism for dramatic price increases for some life-saving drugs, was arrested Thursday. Though Shkreli has become the face of pharmaceutical company greed, his arrest is not likely to make concerns about drug costs disappear.
The Wall Street Journal:
Martin Shkreli: From Biotech Entrepreneur To Accused Criminal
Martin Shkreli was arrested Thursday on securities and wire fraud charges stemming from an alleged Ponzi scheme he ran as a hedge-fund manager. Mr. Shkreli has pleaded not guilty to the charges. (Rockoff, 12/17)
The Associated Press:
Pharma's Bad Boy: Livestreaming, Rap-Fan CEO Faces Charges
He's a millionaire music aficionado who riled rap fans by buying the only known copy of an album by the Wu-Tang Clan. He's an unabashed self-promoter who livestreams his daily life and boasts he's "the world's most eligible bachelor" and "the most successful Albanian to ever walk the face of this Earth." And he's an equally unabashed provocateur who jousts online with his critics. Now, prosecutors say Martin Shkreli is a fraudster. (12/18)
The New York Times:
An Executive’s Arrest Gives Drug Makers Cover
During his three months as a household name, Martin Shkreli has been a walking, talking (incessantly) personification of one of the pharmaceutical industry’s worst nightmares — the greedy drug company executive. So his arrest Thursday on securities fraud charges might bring some private cheer to pharmaceutical company executives, who blame him for setting off a public uproar over drug prices. (Pollack, 12/17)
Reuters:
Pharma CEO Arrest A Sign Of Health Sector Ills
Fraud charges against Turing Pharmaceuticals boss Martin Shkreli are a symptom of the sector’s ills. Healthcare has been prone to financial finagling, but the recent boom created more opportunities for misconduct. With good times fading, the excesses suddenly stand out like a sore thumb. Controversy has long been Shkreli’s calling card. He made his name publicly criticizing biotechnology stocks whose value his hedge fund bet would drop. Then he switched tactics, founding two biotech companies himself. (Cyran, 12/17)
STAT:
For Drug Companies, The Martin Shkreli Nightmare Isn't Over Yet
The arrest of Martin Shkreli gave pharmaceutical industry executives a golden opportunity to separate themselves from the “$750 pill guy” who has done so much damage to their image. They might not want to celebrate too much. (Robbins and Nather, 12/17)
