Shkreli gets a year to figure out how to throw his ex-lawyer under the bus

[Independent voter]

This is the guy who bought that pharmaceutical company and up the prices of his drugs like 5000 times.







http://arstechnica.com/science/2016/...under-the-bus/

Today, Martin Shkreli, the reviled former pharmaceutical CEO best known for price-gouging a life-saving drug, running an alleged Ponzi-like scheme, and smirking, had the date for his trial on securities fraud charges set to June 26, 2017 in New York.

Shkreli, 33, has been indicted on eight charges in connection with the alleged Ponzi-like scheme, in which he swindled his former pharmaceutical company, Retrophin, out of $11 million in order to cover and hide losses from two hedge funds he managed. He was arrested back in December along with his former counsel, Evan Greebel. Both have pled not guilty to all charges and Shkreli was released on $5 million bail that he posted with an E-trade account worth $45 million at the time.

Since then, the pair have had their court proceedings delayed after Shkreli fired his legal team and federal prosecutors added additional charges.

In today’s hearing in Brooklyn, US District Judge Kiyo Matsumoto finally set the trial date and Shkreli’s new attorney, Ben Brafman, told the judge that Shkreli is likely to pursue a reliance of counsel defense. Brafman has mentioned this in past hearings. This defense strategy would essentially try to pin any wrong doing on Greebel.

As such, Shkreli will likely seek a separate trial from Greebel, who is also likely to ask for a separate trial.

"I don't think there's a finger of blame to point in this case,” Brafman told reporters after today’s hearing. “You know, to the extent that both defendants may be innocent — and one is a lawyer and our client relied on his advice — doesn't necessarily mean that either of them committed a crime. It may mean that they both cannot have a joint trial, however."

If the two are tried separately, Matsumoto said that the second trial would take place October 2, 2017. However, she did not specify which defendant would be tried first.

To many, Shkreli has already been tried and found guilty in the court of public opinion for raising the price of the life-saving drug, Daraprim, by more than 5,000 percent. He orchestrated that price hike as the head of Turing Pharmaceuticals, which he founded in 2015 after being fired in 2014 from Retrophin, another pharmaceutical company he founded. Shkreli has been unapologetic about the price increase as well as resolute about his innocence in the fraud case. In past court and congressional hearings, the ex-CEO has smirked, mocked, and laughed at federal lawmakers and prosecutors. In today’s trial, he stayed quiet and raised eyebrows. Afterward, according to New York Daily News. he asked Brafman, “Can I go play Pokémon now?”

[Kapadons]

God bless America.

[Dys]

I really want to see the look on his face as he's escorted away to prison. Even if he's found innocent, they should escort him away as if he's been found guilty, just to get the shot of that smug, assholish face turning in to pure fear and dread, then tell him he's innocent just before letting him exit the courtroom of his own accord.

It's the little things. Even though I know the Innocent scenario will never come to pass, I can still hope in futility.

[Gib Lover]

Reminder when it comes to the drugs, Shkreli did nothing wrong.

The hedge fund shenanigans, we will need to wait to see evidence.

[Jonnusthegreat]

His methods being legal just show why the free market doesn't work.

[Spectral]

His methods being legal just show why the free market doesn't work.

Nonsense. There's nothing free market about what transpired - the root cause of the problem was allowing an essential drug to be licensed for marketing and sale by only one organization. The issue was anti-market government regulation that prevented competitive bioidenticals from fixing the problem.

[Jonnusthegreat]

Nonsense. There's nothing free market about what transpired - the root cause of the problem was allowing an essential drug to be licensed for marketing and sale by only one organization. The issue was anti-market government regulation that prevented competitive bioidenticals from fixing the problem.

Wait, are you advocating against proprietary rights?

[Spectral]

Wait, are you advocating against proprietary rights?

No - I'm arguing against pointlessly onerous regulation of bioidenticals that prevents licensing for other organizations, which is what happened with Daraprim. Daraprim was not subject to any patent at all and has been manufactured since 1953. The strategy employed by Shkreli was to prevent competitors from even getting to FDA bioequivalence testing.

It kinda seems like you don't really know anything about Daraprim, but just know that you heard free markets are bad and kill people.

[Vivapin8]

Afterward, according to New York Daily News. he asked Brafman, “Can I go play Pokémon now?”

OMG that´s the right VP for TRUMP!!

[apepi]

I don't understand how he doesn't get away with it when it is clear many other companies do.

[Gorsameth]

I don't understand how he doesn't get away with it when it is clear many other companies do.

Because those other companies didn't screw up by trying to funnel it to cover their failing hedge-funds.

[Gorsameth]

Patents aren't part of a free market. We do not have a free market lol.

Because a free market does not work.

Not saying the Patent system is amazing, especially in the pharmaceutical market but lets not pretend like a 'free market' exists anywhere (and for good reason).

[Mormolyce]

That guy is like a walking talking PR disaster.

Reminder when it comes to the drugs, Shkreli did nothing wrong.

I think you mean to say, nothing illegal.

- - - Updated - - -

Patents aren't part of a free market. We do not have a free market lol.

I don't know about that. Do you also apply that to copyright?

[The Stormbringer]

OMG that´s the right VP for TRUMP!!

Please, don't joke about it. If that happened, Trump would have the biggest landslide loss in history. I don't want to get my hopes up.

[Gib Lover]

That guy is like a walking talking PR disaster.



I think you mean to say, nothing illegal.

No, I meant nothing wrong. Do some research on the whole price hike debacle. He didn't do anything illegal or immoral. He increased the price of a niche pill that is hardly ever used to fund research towards a better pill to combat the same brain-eating disease (the current pill is from the 1950's and does as much harm to the patient as it does good). Not a single person has ever been brought forward in the media unable to access the drug, if your insurance is unable to pay for the pill, Turing Pharmaceuticals (at the time of Martin being the CEO) would give you the pill for free.

[melodramocracy]

This guy is a complete piece of shit. End of story.