“Pharma Bro” Martin Shkreli was arrested Thursday for allegedly skimming money from several hedge funds and pharmaceutical companies he ran.
Shkreli made headlines earlier this year when Turing Pharmaceuticals, a biotech company he ran, purchased a drug used to treat HIV patients and jacked up its price from $13.50 to a whopping $750. Shkreli was arrested Thursday on charges that he defrauded investors of his other companies of millions.
He allegedly stole stock from Retrophin, another biotech company he founded in 2011, and used it to pay off debts from bad investments he made as manager for a hedge fund firm he founded.
“[Shkrel] engaged in multiple schemes to ensnare investors through a web of lies and deceit,” U.S. Attorney Robert L. Capers said, according to The Washington Post. “His plots were matched only by efforts to conceal the fraud, which led him to operate his companies … as a Ponzi scheme.”
Shkrel didn’t help his public image very much by acting like a raging sociopath on Twitter:
I like to stir the pot, but I would never, ever price a drug beyond a sick person’s reach.
— Martin Shkreli (@MartinShkreli) December 16, 2015
Because jacking up the price of a life-saving drug by 5,000 percent doesn’t put the price “beyond reach” of a sick person.
50-100 date solicitations a day for me, the world’s most eligible bachelor. Sorry, but you have to be a shareholder to meet me.
— Martin Shkreli (@MartinShkreli) December 14, 2015
Sorry, ladies! You’ll have to be an inmate at a correctional facility to meet Shkreli now.
The Internet has been gleefully celebrating the news of his arrest. Here are some of the best reactions from around the web so far. The headlines announcing the news of his arrest were fantastic:
- New York Daily News: “‘Pharma Bro’ Martin Shkreli, detested CEO who jacked up price of AIDS pill, arrested on securities fraud charges”
- Vice News: “Hated ‘Pharma Bro’ Martin Shkreli Arrested on Fraud Charges”
- Vox: “Martin Shkreli, ‘most hated man in America’ for drug price hikes, has been arrested”
- The Huffington Post: “A Brief History Of Pharma Bro Martin Shkreli’s Most Despicable Moments”
- Gawker: “Pharmaceutical Price Gouger Martin Shkreli Arrested for Fraud”
- Slate: “Villainous Pharma Bro Martin Shkreli Has Been Arrested for Securities Fraud”
Twitter users collectively mocked him for his ridiculous personal spending habits and his sudden need for bail money.
If you hadn’t heard about Shkreli’s expensive obsession with Wu-Tang Clan, you can read about how he spent $2 million on a limited-edition album here.
You know what they say: what goes around, comes around.
Martin Shkreli getting arrested for that is like how O.J. Simpson got lifetime in prison for burglary.
— Brian Boone (@brianadamsboone) December 17, 2015
Though if you like the look, you can get it here:
Well, it is almost Christmas…
Hearing Martin Shkreli to be visited by three ghosts.
— Daniel Foster (@DanFosterType) December 17, 2015
Here’s a video of Shkreli’s arrest, in all his hooded glory: