Man Who Hiked AIDS Drug 5,000 Percent Faces Investigation for His Old Job

Source: Newsweek

Man Who Hiked AIDS Drug 5,000 Percent Faces Investigation for His Old Job

BY KURT EICHENWALD 9/23/15 AT 7:01 AM

The world’s most hated man this week could well be Martin Shkreli, whose pharmaceutical company inexplicably raised the price last month of a decades-old drug needed to treat a complex parasitic infection by more than 5,400 percent. But there is a group of folks who are probably delighted that Shkreli thrust himself into the public eye in such a negative way: Federal prosecutors.

Since at least in January, Shkreli has been under criminal investigation by the United States Attorney’s Office for the Eastern District of New York, court records show. And Shkreli is not alone—some of his business associates have also received grand jury subpoenas in the case.

After being notified of the investigation that month, Shkreli—a former hedge fund manager turned drug company entrepreneur—has invoked his Fifth Amendment right against self-incrimination because of the criminal case whenever his testimony has been sought in the many civil lawsuits filed against him about his business dealings.

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The criminal investigation involves Retrophin, a public company where Shkreli served as an officer, director, and 10-percent owner of the outstanding stock before being ousted amid multiple allegations of misconduct. Retrophin focuses on the development, acquisition and commercialization of therapies for the treatment of catastrophic or rare diseases, and was founded by in 2011 by Shkreli.

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Read more: http://www.newsweek.com/martin-shkreli-drug-manipulation-daraprim-retrophin-375416