Poor Martin Shkreli. Yesterday he was on top of the world, enjoying his ill-gotten gains from gouging AIDS patients for hundreds of dollars per pill and spending millions on a one-off Wu Tang Clan rap record.
Now he is trading in his tailored suits and loafers for an orange jumpsuit.
Nearly a dozen federal agents raided Shkreli’s Manhattan apartment Thursday and took him into custody for securities fraud and running a Ponzi scheme. As you can see, he was not happy.
Bloomberg Business — Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.