Martin Shkreli Securities Fraud Trial
Former pharmaceutical executive Martin Shkreli goes to federal court this week facing charges of conspiracy, securities fraud and wire fraud for allegedly cheating investors out of more than $11 million between 2009 and 2014. The Martin Shkreli Securities Fraud trial will take place in Manhattan.
Federal prosecutors allege that Shkreli lied to investors in MSMB Capital and MSMB Healthcare about the performance and assets of the investment funds. They have also accused him of mismanaging money at his investment funds Elea Capital, MSMB Capital, MSMB Healthcare. Shkreli allegedly used money from Retrophin to pay off MSMB investors, as well as personal loans and other debts, all while acting as CEO of Retrophin. Retrophin is the biotechnology company Shkreli founded in 2011.
Evan Greebel, a former lawyer for Retrophin, also has been charged with assisting with the fraudulent activity. Both Shkreli and Greebel have pleaded not guilty.
Pharma Exec Gains Notoriety
Martin Shkreli first gained notoriety for raising the price of the life-saving drug Daraprim while he was the CEO of Turing Pharmaceuticals. In September 2015, the company obtained the manufacturing license for this anti-parasitic drug used by AIDS patients and consequentially increased its price by more than 5,000%. The increase hiked the price from $13.50 to $750 per pill.
The price hike caused much controversy, and after his December arrest in 2015 on charges of securities fraud, he resigned from Turing. The controversy is unrelated to his criminal trial in New York federal court.
Have You Been a Victim of Investment Fraud?
If you are the victim of investment fraud or believe you have been scammed, you may have certain legal rights that require your immediate attention.
Call an Investment Fraud Attorney Today
If you are looking for an attorney to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerages firms for their wrongful actions.
With offices in Los Angeles, New York, West Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and may be able to help you recover your investment losses.
Contact an attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.