Pharmaceutical entrepreneur Martin Shrkeli was arrest by the Federal authorities on Thursday for alledgedly committing fraud. The hedge fund manager viewed as unlikeable for raising the price of the HIV pill from $13.50 to $750 a pill, that’s nearly a 4000% increase.
Here’s a quote from U.S. Attorney Capers “Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit,” U.S. Attorney Robert L. Capers told reporters. “His plots were matched only by efforts to conceal the fraud, which led him to operate his companies … as a Ponzi scheme.”
Shrkeli made headlines this past week when it was revealed that he bid on the Wu-Tang Clan that sold for $2 million dollars. There has been no response from Shrkeli attorneys at this moment.