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NEW YORK (AP) — On social media today, many people are gleeful over the arrest of Martin Shkreli (SHKREHL'-ee).
He's the former hedge fund manager who's been vilified for buying a pharmaceutical company and then jacking up the price of a life-saving drug more than fifty-fold. He was arrested today on securities fraud charges unrelated to the drug price issue.
Still, many online are joking about a judge ratcheting up his bail, or lawyers jacking up their hourly fees 5,000 percent for defending him in his hour of need.
Shkreli is charged in an indictment stemming from his actions at another pharmaceutical company, which he ran as CEO up until last year.
Prosecutors say there was a "Ponzi-like scheme" between 2009 and 2014 in which Shkreli lost hedge fund investors' money through bad trades, and then raided the drug company for $11 million in cash and stock to pay back clients.
He's charged with securities fraud and conspiracy. A second man, lawyer Evan Greebel, is charged with conspiracy.
If convicted, both men could get up to 20 years in prison.
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180-a-06-(Michael Harpster, FBI special agent, at news conference)-"deceit and greed"-FBI Special Agent Michael Harpster says Shkreli lied to investors about where their money was going and where their payoffs came from. ((Shkreli is pronounced SHKREHL'-ee)) (17 Dec 2015)
<<CUT *180 (12/17/15)££ 00:06 "deceit and greed"
176-w-33-(Warren Levinson, AP correspondent, with Robert Capers, U.S. attorney, Eastern District of New York)--The head of a drug company that dramatically raised the price of a lifesaving drug has been indicted on unrelated federal fraud charges. AP correspondent Warren Levinson reports. (17 Dec 2015)
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177-a-09-(Robert Capers, U.S. attorney, Eastern District of New York, at news conference)-"the prior company"-U.S. Attorney Robert Capers says Martin Shkreli stole at least $11 million from investors in two hedge funds and a pharmaceutical company. ((Shkreli is pronounced SHKREHL'-ee)) (17 Dec 2015)
<<CUT *177 (12/17/15)££ 00:09 "the prior company"
APPHOTO NYCR101: Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is escorted by law enforcement agents in New York Thursday, Dec. 17, 2015, after being taken into custody following a securities probe. A seven-count indictment unsealed in Brooklyn federal court Thursday charged Shkreli with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. (AP Photo/Craig Ruttle) (17 Dec 2015)
<<APPHOTO NYCR101 (12/17/15)££
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