Penny For Your Life: The Martin Shkreli Trial
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The young CEO of Turing Pharmaceuticals, Martin Shkreli has been called “The Most Hated Man in America” for his considerable jumps in price on what is in most cases a life saving drug for HIV patients. Yet it is not in the behalf of the patients that Shkreli finds himself in court, it is the outrage of his investors.
Martin Shkreli has thus far been no stranger to controversy. Since his infamous decision in 2015, Shkreli has made no attempts to hide himself from the public eye. The young millionaire has made extravagant purchases and maintained a strong social media presence during and after the controversial decision. Even going so far as to brag on his “near $100 million dollar” net worth on a live stream. Shameless could be an understatement for Shkreli.
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There are few who would could find merit in a debate defending the actions of Shkreli, even as a business decision. A price jump from $13.50 to $750 would not be justified in any industry, let alone one who’s primary purpose should be bringing ill people to good health or at least a comfortable state of living. Yet it surprises me that the young CEO would find himself in court for yet another issue of greed tied to Turing; an issue of “mismanaged funds”. Shkreli is accused of using funds form Retrophin (another Pharmaceutical company that Shkreli started himself) to pay investors from MSMB Investments and MSMB Healthcare, and give the illusion of asset growth. It is even claimed that these funds were used for Shkreli to pay off personal loans and expenses. One other lawyer form Retrophin. Evan Greebel, is charged with assisting him to falsify these claims. Much more has not been said about the trial, or how Shkreli plans to plea. However, according to CNN Money, Shkreli’s attorneys have asked for bail to be lowered from 5 million to 2 million despite his lawyer Ben Brafman’s claims to be “confident his client will be acquitted.”
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