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Martin Shkreli hires famous New York lawyer in Ponzi scheme case Martin Shkreli hires famous New York lawyer in Ponzi scheme case
(7 months later)
Martin Shkreli, the pharmaceutical boss dubbed “the world’s most hated man” after he increased the price of an HIV drug by 5,000%, has hired Sean “Diddy” Combs’ lawyer.Martin Shkreli, the pharmaceutical boss dubbed “the world’s most hated man” after he increased the price of an HIV drug by 5,000%, has hired Sean “Diddy” Combs’ lawyer.
Related: Martin Shkreli arrested by FBI over hedge fund investigation
Shkreli, who will appear in a New York court on Wednesday on charges of running a Ponzi scheme, announced on Tuesday that he has hired Ben Brafman, one of New York’s best known lawyers whose clients have included Jay Z, Michael Jackson, Mafia boss Salvatore “Sammy the Bull” Gravano and former International Monetary Fund boss Dominique Strauss-Kahn.Shkreli, who will appear in a New York court on Wednesday on charges of running a Ponzi scheme, announced on Tuesday that he has hired Ben Brafman, one of New York’s best known lawyers whose clients have included Jay Z, Michael Jackson, Mafia boss Salvatore “Sammy the Bull” Gravano and former International Monetary Fund boss Dominique Strauss-Kahn.
Shkreli, who denies the charges, said he was “excited” about working with Brafman.Shkreli, who denies the charges, said he was “excited” about working with Brafman.
“You know, his track record is impeccable, and I think we’re going to put our best foot forward,” Shkreli told Fox Business News on Tuesday. “We have a very good case to make and I think we are going to win.”“You know, his track record is impeccable, and I think we’re going to put our best foot forward,” Shkreli told Fox Business News on Tuesday. “We have a very good case to make and I think we are going to win.”
Shkreli is due to take the stand in Brooklyn federal court on Wednesday over charges of securities fraud related to his time running hedge fund MSMB Capital Management and biopharmaceutical company Retrophin.Shkreli is due to take the stand in Brooklyn federal court on Wednesday over charges of securities fraud related to his time running hedge fund MSMB Capital Management and biopharmaceutical company Retrophin.
“Obviously I think I’m innocent and not guilty,” he said.“Obviously I think I’m innocent and not guilty,” he said.
On Thursday, Shkreli is due to appear before Congress to face questions about hiking the price of Daraprim, a life-saving drug often given to people with Aids or cancer, from $13.50 to $750 a pill overnight.On Thursday, Shkreli is due to appear before Congress to face questions about hiking the price of Daraprim, a life-saving drug often given to people with Aids or cancer, from $13.50 to $750 a pill overnight.
Shkreli, 32, who has been dubbed a “pharma bro”, said he planned to “insult” and “berate” Congress, but would otherwise invoke his fifth amendment right not to testify.Shkreli, 32, who has been dubbed a “pharma bro”, said he planned to “insult” and “berate” Congress, but would otherwise invoke his fifth amendment right not to testify.
“They can ask me any question,” he said. “‘What color is the sky?’ Fifth amendment. It’s nothing more than an advertisement for some congressmen who want to get some votes and some cheap publicity off my name. What Congress is doing is just a ploy to embarrass me.”“They can ask me any question,” he said. “‘What color is the sky?’ Fifth amendment. It’s nothing more than an advertisement for some congressmen who want to get some votes and some cheap publicity off my name. What Congress is doing is just a ploy to embarrass me.”
Anything fun to do in DC? Asking for a friend.Anything fun to do in DC? Asking for a friend.
His comments came as lawmakers released excerpts from 250,000 documents showing how Shkreli sought to make his former company, Turing Pharmaceuticals, $1bn from buying up the 62-year-old anti-parasite drug on the cheap.His comments came as lawmakers released excerpts from 250,000 documents showing how Shkreli sought to make his former company, Turing Pharmaceuticals, $1bn from buying up the 62-year-old anti-parasite drug on the cheap.
“Very good. Nice work as usual. $1bn here we come,” he said in an email to the company’s chairman as he worked to buy Daraprim for $55m in 2015.“Very good. Nice work as usual. $1bn here we come,” he said in an email to the company’s chairman as he worked to buy Daraprim for $55m in 2015.
Shkreli said hiking the price of the drug, which is used to treat toxoplasmosis in people with HIV/Aids, cancer and other patients with compromised immune systems, would bring in an extra sales of $375m, “almost all of it profits”.Shkreli said hiking the price of the drug, which is used to treat toxoplasmosis in people with HIV/Aids, cancer and other patients with compromised immune systems, would bring in an extra sales of $375m, “almost all of it profits”.
“Should be a very handsome investment for all of us,” he said. “Let’s all cross our fingers that the estimates are accurate.”“Should be a very handsome investment for all of us,” he said. “Let’s all cross our fingers that the estimates are accurate.”