Friday, December 18, 2015

Drug price gouger arrested for securities fraud

Here are snippets telling the quick story from the New York Times.

Martin Shkreli, a flamboyant pharmaceutical entrepreneur and former hedge fund manager who has come under fire on allegations of drug price gouging, was arrested Thursday morning by the federal authorities.

The investigation, in which Mr. Shkreli has been charged with securities fraud, is related to his time as a hedge fund manager and running the biopharmaceutical company Retrophin — not the price-gouging controversy that has swirled around him in recent months.

About that price-gouging controversy:

Allegations in the indictment and S.E.C. lawsuit predate the public outrage and legislative scrutiny over Mr. Shkreli’s decision at Turing to acquire a decades-old drug and raise the price of it overnight to $750 a pill, from $13.50.

May the odds be forever in favor of his pounding a lot of rocks.

Andy Borowitz has the rest of the story in the New Yorker. Shkreli may have to settle for a public defender.

BROOKLYN (The Borowitz Report)—A criminal lawyer representing Turing Pharmaceuticals chief Martin Shkreli has informed his client that he is raising his hourly legal fees by five thousand per cent, the lawyer has confirmed.

Minutes after Shkreli’s arrest on charges of securities fraud, the attorney, Harland Dorrinson, announced that he was hiking his fees from twelve hundred dollars an hour to sixty thousand dollars.

Scriber computes the exact fee as $1200 * 750/13.5 = $66,666.67 per hour.

Shkreli, who reportedly received the news about the price hike while he was being fingerprinted, cried foul and accused his attorney of “outrageous and inhumane price gouging.”

“This is the behavior of a sociopath,” Shkreli was heard screaming.

Note: You do remember that Andy writes brilliant satire?

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