Scumbag Pharma CEO Arrested On Charges Of Securities Fraud

The Internet's least favorite person was arrested on charges of securities fraud on Thursday. The sound you're hearing is the collective world cheering.

Update 2: Shrkeli's company, KaloBios Pharmaceuticals, has filed for bankruptcy. According to USA Today, the company lists between 100-199 creditors and has outstanding liabilities of between $1 million and $10 million. 

Shrkeli was ousted as CEO following the December 17 incitement that led to his arrest on securities fraud charges. KaloBios voluntarily filed for chapter 11 bankruptcy in a Delaware on December 29 in a federal bankruptcy court. 


Update: Shrkeli was arrested on December 17 for engaging in what is being described as a Ponzi scheme at his former hedge fund and at a separate pharmaceutical company. 

Shrkeli was arrested at Murray Hill Town Apartments in downtown Manhattan. He was wearing a grey hoodie and flanked by a slew of armed law enforcement officers. 

Many on the internet are rejoicing at the news and #Karma has been labeled on more than a few tweets related to this story. 

We will bring further developments as the story progresses. 

The more life experience we get, the more we can see our place in making this world a better place – except for one pharma CEO, who clearly missed any lesson in empathy and basic humanity.

Martin Shkreli,CEO of Turing Pharmaceuticals, is in the middle of a social media storm, and he has no one but himself to blame. The 32-year-old increased the price of an anti-parasite medication Daraprim from $13.50 a pill to $750, causing uproar among people who don't think AIDS and tuberculosis patients should be gouged to death.

Turing Pharmaceuticals bought the U.S. marketing rights to Daraprim in August and Shkreli, speaking to Bloomberg TV, said he raised the prices of the drug because he "needed to turn a profit on the drug."

Even though the prices of such pills are left to the discretion of the company holding its rights, Shkreli is facing people’s wrath because he has raised the prices by a whopping $736 per pill – even though the medication is approximately six decades old and Turing Pharmaceuticals faces no development or FDA approval costs for Daraprim.

Check out some of the comments he received on Twitter:

Shkreli isn't just astoundingly cruel to patients that rely on Daraprim to treat complications of AIDS; he's downright gleeful about his decision to jack up Daraprim's prices, even though it only costs about $1 to manufacture each pill.

Shkreli responded to critics with sarcastic and boastful tweets:

Shkreli isn't the only pharma CEO gouging customers. Rodelis Therapeutics raised the price of another tuberculosis drug by more than 2,000%, to $10,800 per 30-day supply, after acquiring the medication from a nonprofit foundation.

Facing criticism, Rodelis Therapeutics returned the drug's rights to the foundation.

View Comments

Recommended For You