Martin Shkreli Case

Decent Essays
1. Who is Martin Shkreli?
Martin Shkreli is a former hedge fund manager and pharmaceutical executive. One of the hedge funds he founded was called MSMB Capital Management. Retrophin was a pharmaceutical company that Martin founded, but was removed from the CEO position after sometime. He then started up a different pharmaceutical company called Turing Pharmaceuticals in 2015. During his time being a CEO of this company, he bought the rights to a medication that helped treat patients with a rare infection. This medication is called Daraprim and is used notably by HIV/AID patients. While having control over this drug, Martin Shkreli decided to raise the price of a single pill in hopes to achieve maximum profit. The price went from a pill costing under $20 to over $700. Due to this action, Martin received a lot of attention from organizations, media and other groups.
Shkreli was arrested and charged on several counts of securities fraud later in his career. Martin Shkreli was accused of using assets of one of his companies to pay the debts of his other companies. He used the money obtained in these manners to pay back his investors. With the
…show more content…
Madoff Investment Securities, LLC. Bernie is considered to have ran the largest Ponzi scheme during the time he was running the firm. Whenever a client invested in his firm, he would deposit the money into one bank account and once a client wanted to cash out, he would pay them from this account. His firm was known for giving investors a high percentage of returns, nothing close to other investment firms. He kept this going for years by attracting new investors and obtaining new capital. He was arrested in 2008 when he admitted that part of his firm was a Ponzi scheme, losing approximately $50 billion of his investors’ money. With all the charges that he was found guilty of, he was sentenced to 150 years in
Get Access