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| Former drug executive Martin Shkreli calls fraud allegations 'baseless' | Former drug executive Martin Shkreli calls fraud allegations 'baseless' |
| (about 2 hours later) | |
| Controversial former pharmaceutical company executive Martin Shkreli has said fraud allegations against him are “baseless and without merit”. | |
| Related: Homeless charity to return donation by notorious entrepreneur Martin Shkreli | Related: Homeless charity to return donation by notorious entrepreneur Martin Shkreli |
| Shkreli, who is charged with securities fraud and conspiracy, having been arrested on Thursday, used Twitter on Saturday to say: “I am confident I will prevail. The allegations against me are baseless and without merit.” | Shkreli, who is charged with securities fraud and conspiracy, having been arrested on Thursday, used Twitter on Saturday to say: “I am confident I will prevail. The allegations against me are baseless and without merit.” |
| The 32-year-old former hedge fund manager pleaded not guilty on Thursday in Brooklyn federal court and was released on $5m bail. After he was released, he tweeted: “Glad to be home. Thanks for the support.” | The 32-year-old former hedge fund manager pleaded not guilty on Thursday in Brooklyn federal court and was released on $5m bail. After he was released, he tweeted: “Glad to be home. Thanks for the support.” |
| On Friday, he resigned from his company, Turing Pharmaceuticals. | On Friday, he resigned from his company, Turing Pharmaceuticals. |
| Prosecutors say that from 2009 to 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted a pharmaceutical company where he was chief executive for $11m to pay back his disgruntled clients. | Prosecutors say that from 2009 to 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted a pharmaceutical company where he was chief executive for $11m to pay back his disgruntled clients. |
| Shkreli was already widely reviled because a drug company he founded raised the price of a life-saving HIV drug, Daraprim, from $13.50 to $750 per pill. He was also revealed to be the purchaser, for $2m, of the only copy of the new album by the rap group Wu-Tang Clan. | Shkreli was already widely reviled because a drug company he founded raised the price of a life-saving HIV drug, Daraprim, from $13.50 to $750 per pill. He was also revealed to be the purchaser, for $2m, of the only copy of the new album by the rap group Wu-Tang Clan. |
| The allegations have amplified public outrage over the brash, boyish-looking Shkreli. Previously Hillary Clinton, the frontrunner for the Democratic presidential nomination, pilloried him for price-gouging, and he was pulled into congressional investigations into drug pricing. | |
| On Friday, Community Solutions, a homelessness charity, said it would give back the entire $15,000 it received from Shkreli. | On Friday, Community Solutions, a homelessness charity, said it would give back the entire $15,000 it received from Shkreli. |
| I am confident I will prevail. The allegations against me are baseless and without merit. | I am confident I will prevail. The allegations against me are baseless and without merit. |
| Shkreli has appeared to bask in the attention, however negative. Since September he has used Twitter to prod his detractors; he has also appeared on CNBC to defend drug price increases and told guests at a Forbes healthcare conference earlier this month that he should have raised the price of Daraprim further. | Shkreli has appeared to bask in the attention, however negative. Since September he has used Twitter to prod his detractors; he has also appeared on CNBC to defend drug price increases and told guests at a Forbes healthcare conference earlier this month that he should have raised the price of Daraprim further. |
| On Friday, after returning home from jail, Shkreli started a live stream on YouTube in which he could be seen playing an online chess game while answering comments from viewers. | On Friday, after returning home from jail, Shkreli started a live stream on YouTube in which he could be seen playing an online chess game while answering comments from viewers. |