CEO Shkreli claims embezzlement allegations are ′baseless′ | News | DW | 19.12.2015
  1. Inhalt
  2. Navigation
  3. Weitere Inhalte
  4. Metanavigation
  5. Suche
  6. Choose from 30 Languages


CEO Shkreli claims embezzlement allegations are 'baseless'

The former executive of multiple pharmaceutical companies says he 'will prevail' after being arrested on fraud charges. Martin Shkreli is accused of looting a company he was running to pay off investors in a hedge fund.

Former Turing Pharmaceuticals CEO Martin Shkreli said on Saturday that allegations of fraud and embezzlement against him were "baseless and without merit."

"I am confident I will prevail," Shkreli said on Twitter.

Shkreli was arrested on Thursday on securities fraud and conspiracy charges, although he was released on bail after posting $5 million (4.6 million euros).

Federal prosecutors in New York allege that Shkreli - also a former hedge fund manager - lost funds and consequently looted $11 million from a pharmaceutical company he led in order to pay back disgruntled clients.

"As alleged, Martin Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit. His plots were only by efforts to conceal the fraud, which led him to operate his companies … as a Ponzi scheme," said a statement from the US Justice Department.

The Justice Department added that Shreli's illicit activities occurred between 2009 and 2014.

The 32-year-old former executive drew criticism when he bought exclusive rights to a life-saving drug, and bumped the price from $13.50 to $750 per pill. Among those affected by the price hike were people infected with HIV-AIDS.

Shkreli resigned from his position as CEO of Turing Pharmaceuticals on Friday.

ls/jm (AP, AFP, dpa)