Martin Shkreli Biography, Age, Image, Wife, Personal life, Career, Net worth, Daraprim, Twitter And Criminal prosecution

Martin Shkreli Biography | Martin Shkreli

Martin Shkreli is an American businessman, former hedge fund manager, and convicted felon. He was the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare; co-founder and former chief executive officer (CEO) of the biotechnology firm Retrophin; and founder and former CEO of Turing Pharmaceuticals. Shkreli is the former CEO of start-up software company Gödel Systems, which he founded in August 2016.

In September 2015, Shkreli received widespread criticism when Turing obtained the manufacturing license for the antiparasitic drug Daraprim and raised its price by a factor of 56 (from US$13.5 to $750 per pill), leading him to be referred to by the media as “the most hated man in America” and “Pharma Bro”.

Shkreli was charged in federal court, then convicted on two counts of securities fraud and one count of conspiring to commit securities fraud. In 2018, Shkreli was sentenced to seven years in federal prison and up to $7.4 million in fines.

Martin Shkreli Age

Martin Shkreli is 36 years old as of 2019. He was born on 17 March 1983, in Brooklyn, New York City, New York, United States

Is Martin Shkreli Dead?

From the way Martin Shkreli handled business, it is no wonder death hoaxes have been flying around about him. However, they are just hoaxes as he is obviously not dead as dead people do not serve trial.

Martin Shkreli is currently in prison and not dead.

Martin Shkreli Early Life

Martin Shkreli was born in Coney Island Hospital, Brooklyn, New York City, New York. His birth date is March 17, 1983. His parents are Albanian and Croatian who emigrated from Montenegro and worked as janitors. The Shkreli tribe is native to the Shkrel region in northern Albania. He, his two sisters, and his brother grew up in a working-class community in Sheepshead Bay, Brooklyn. He was raised Catholic and attended Sunday school as a child.

He attended Hunter College High School. He dropped out before his senior year but received the credits necessary for his diploma through a program that placed him in an internship at Wall Street hedge fund Cramer, Berkowitz, and Company when he was 17. Sources differ on whether Shkreli graduated from Hunter or whether he received sufficient credits there but actually graduated from City-As-School High School. In March 2015, Hunter College High School announced that he had donated $1,000,000 which was the largest donation in the school’s history.
Shkreli told Vanity Fair that he developed an interest in chemistry when a family member suffered from treatment-resistant depression.

Martin Shkreli Image

Martin Shkreli Photo
Martin Shkreli Photo

Martin Shkreli’s Wife/Girlfriend

To the best of our knowledge, Martin Shkreli is currently single and has no wife or girlfriend. This doesn’t come as a big surprise, his egregious and controversial lifestyle isn’t the most attractive. Other than that, however, Martin never truly had time for anything that was not business related. He spent all of his time founding companies and making deals. He seems to be a bit too selfish and overly ambitious to consider settling with someone. Moreover, he has more pressing matters at hand and would be understandably more concerned about his freedom.

Martin Shkreli Personal life

Hobbies and interests
Shkreli, an avid League of Legends player, began expressing interest in purchasing an eSports team in May 2014. Enemy eSports rejected a US$1.2 million offer from Shkreli. He later founded his own team, Odyssey eSports, and aimed to qualify for the 2015 North American League of Legends Challenger Series but the team failed. In August 2015, Odyssey merged with another team to become the organization Team Imagine, with Shkreli becoming chairman of the team. During the merger, the organization signed the Dota 2 team Leviathan.

He won an auction for the Wu-Tang Clan album Once Upon a Time in Shaolin after the single copy of the album was sold via Paddle8 on November 24, 2015, for US$2 million. In October 2016, Shkreli claimed on his Twitter that he would release the album for free download if Donald Trump won the 2016 US presidential election and would destroy the album if Hillary Clinton won. He shared the intro and one track the day after Trump became the President-elect. In early September 2017, he sold the album on eBay for $1,025,100.

In February 2016, he announced in an offer letter $10 million to become the sole owner of Kanye West’s album The Life of Pablo. On February 12, 2016, Shkreli increased his offer for West’s The Life of Pablo from $10 million to $15 million.

Shkreli was formerly a benefactor of Collect Records, a record label run by musician Geoff Rickly, and offered to bail out rapper Bobby Shmurda; Shkreli retracted this offer after his own arrest.
In February 2017, Shkreli was invited to speak at Harvard University. The requested travel was approved by a judge.

Professional Career

Martin Shkreli worked at Cramer Berkowitz for about four years and after his stint with Cramer Berkowitz hedge fund came to an end, he became a financial analyst for both Intrepid Capital Management and UBS Wealth Management. Due to the success and influence, he had at Cramer Berkowitz, Shkreli decided to start his own hedge fund named Elea Capital Management. But it soon folded up after a lawsuit from Lehman Brothers.

Martin Shkreli had made a bet of 2.6 million USD through Lehman Brothers that the market would decline. However the reverse was the case, so Lehman Brothers sued Martin Shkreli for his failure to cover ‘put option transaction’ when his prediction did not materialize. Shkreli refused to pay up and threatened to file for bankruptcy and although Lehman Brothers won the lawsuit and were supposed to be paid 2.3 million USD, during the 2008 global economic meltdown, they went under water before they could collect the money due them. Hence, the verdict was vacated.

MSMB

In 2009, Martin Shkreli co-founded another hedge fund called MSMB which is simply a combination of his initials, Martin Shkreli and that of his childhood friend Marek Biestek. Shkreli and Biestek were notorious for shorting biotech stocks and castigating biotech companies on social media, highlighting their frailties and shortcomings with the sole aim of causing plunges in their stocks.

In February 2011 Martin Shkreli founded a pharmaceutical company called Retrophin (a subsidiary of MSMB) with the goal of providing cures for rare diseases. He would go on to short the stocks of Orexigen Therapeutics in that same year. This ended up being a disastrous move because he lost about 8 million USD which left MSMB almost bankrupt with a meager 60,000 USD worth of assets left to the company’s name.

MSMB had to suspend all forms of trading. Nevertheless, Shkreli continued sending investor’s progress reports insinuating that all was well with their investments and that they were making maximum profit with MSMB. This information was later released by the FBI. They also revealed that Shkreli falsified documents by backdating them to imply that MSMB had invested in Retrophin but on the contrary, Shkreli had actually been siphoning money from Retrophin to pay off his personal debts as well as debts owed by MSMB capital management.

The board of directors of Retrophin’s pharmaceuticals eventually caught wind of Shkreli’s shady dealings in 2013 and after a comprehensive audit, the board voted Shkreli out as CEO and replaced him with Stephen Aselage in September 2014.

Before all his shady deals came to light, Martin became the 23rd name on Forbes ’30 under 30′ finance list in 2012.

2015

The year 2015, was a very eventful year for Martin Shkreli. in February, like a moving train, Martin Shkreli started up another pharmaceutical company called Turing Pharmaceuticals. Turing is known for the development of three drugs, intranasal version of ketamine (for depression), oxytocin (which aids childbirth) and Vecamyl (for hypertension). In August of the same year, Retrophin having replaced Shkreli, went ahead to sue him to a tune of 65 million USD for his actions.

Shkreli came up with a business plan to buy licenses on out-of-patent drugs and try to rejuvenate them. This way, his company didn’t really have to bother about trying to put out new drugs and they get to spend less to achieve great profit. In accordance with his plan, Shkreli and Turing Pharmaceuticals bought the rights to market a toxoplasmosis treatment medicine (commonly used by AIDS patients) called Daraprim. Shkreli increased the price of one pill of Daraprim by an exorbitant 5,000% ($13-$750). He received severe backlash and criticism for his actions but he remained adamant and did nothing to reduce the cost of the drug.

In November, together with other investors, he bought KaloBios Pharmaceuticals because of their patented drug called Benznidazole (used to treat Chagas disease). As a result of this move, the shares of KaloBios increased by 400% and although he wanted to remain CEO of both Turing and KaloBios Pharmaceuticals, he stepped down as CEO of Turing and was fired from KaloBios after he was arrested for securities fraud in December.

Despite the fact that Shkreli denied the charges levied against him and was granted bail for 5million USD, it didn’t stop the shares of KaloBios from taking a 50% dip. Martin Shkreli had to resort to live-streaming his life to his 200,000 subscribers on YouTube to fill up his time.

In 2016, Shkreli started up a professional software company called Gödel Systems and tweeted that he would plead the fifth when he was subpoenaed to appear before a House Oversight Committee.

On the 4th of August 2017 after a fair trial, he was found guilty of two counts of securities fraud and one count conspiracy to commit securities fraud. He was found not guilty of the remaining five counts of fraud he was charged with and due to his five not guilty verdicts he made bail, but his bail was revoked when he made a controversial post on Facebook offering the sum of 5000 USD for a strand of Hillary Clinton’s hair.

He is currently serving time at the Metropolitan Detention Center, Brooklyn and would be there until the 16th of January 2018 when his final sentencing would be made known.

Martin Shkreli Net worth

In January 2016, Fortune estimated the 32-year-old Shkreli’s net worth as at least $45 million but later updated its profile to reflect that “[S]ince this article was published the value of Shkreli’s E*Trade account has dropped by more than $40 million”. Shkreli leveraged a $4 million E-Trade account for his bail.

In June 2017, Reuters reported that Shkreli had reported his net worth at $70 million after being arrested in 2015 and that his attorney Benjamin Brafman, in a hearing before Judge Kiyo Matsumoto, had conceded that his client still owned shares of Turing Pharmaceuticals worth between $30 to $50 million.

Martin Shkreli Daraprim

On August 10, 2015, in accordance with Martin Shkreli’s business plan, Turing acquired Daraprim (pyrimethamine), a medication approved by the FDA in 1953, from Impax Laboratories for US$55 million. The drug’s most prominent use as of late 2015 was as an anti-malarial and an antiparasitic, in conjunction with leucovorin and sulfadiazine to treat patients with AIDS-related and AIDS-unrelated toxoplasmosis.
The patent for Daraprim had expired, but no generic version was available. The Turing–Impax deal included the condition that Impax removes the drug from regular wholesalers and pharmacies, and so in June 2015, two months before the sale to Turing was announced, Impax switched to tightly controlled distribution. In keeping with its strategy for pricing in the face of limited competition (see above), Turing maintained the closed distribution. The New York Times noted that the deal “made sense only if Turing planned to raise the price of the drug substance.”

On September 17, 2015, Dave Muoio of Healio, an in-depth clinical information website for health care specialists, reported on a letter from the Infectious Diseases Society of America and the HIV Medicine Association to executives at Turing, questioning new pricing for Daraprim. The price of a dose of the drug in the U.S. market increased from US$13.50 to US$750 per pill, overnight, a factor of 56.

The price increase was initially criticized, jointly, by the Infectious Diseases Society of America and the HIV Medicine Association, by the Pharmaceutical Research and Manufacturers of America, and soon thereafter by presidential candidates Hillary Clinton, Bernie Sanders, and Donald Trump.

A subsequent organized effort called on Turing to return pricing to pre-September levels and to address several matters relating to the needs of patients, an effort that garnered endorsements from more than 160 medical‑specialty and patient‑related organizations (as of December 2015, 164 organizations from thirty-one states, the District of Columbia, and Puerto Rico).

In response to the controversy, the record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.

In a September 2015 interview with Bloomberg Markets, Martin Shkreli claimed that despite the price increase, patient co-pays would actually be lower, that many patients would get the drug at no cost, that Turing had expanded its free drug program, and that it sold half of its drugs for one dollar. He defended the price hike by saying, “If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don’t think that that should be a crime.”

A few days later, Martin Shkreli announced that he planned to lower the price by an unspecified amount, “in response to the anger that was felt by people”. But in late November, Turing reversed course and said it would not lower the price after all.

Following a request by Senator Bernie Sanders and Representative Elijah Cummings for details of Turing Pharmaceuticals’ finances and price-setting practices in September 2015, the company hired four lobbyists from Buchanan, Ingersoll & Rooney with backgrounds in health care legislation and pharmaceutical pricing. In addition to lobbyists, he hired a crisis public relations firm to help explain the pricing decision.

On October 22, 2015, Mark L. Baum, CEO of Imprimis Pharmaceuticals, announced that his company would provide a combination product containing pyrimethamine (the active ingredient in Daraprim) and leucovorin at “$1-a-pill” as a cheaper and more efficient alternative to Daraprim. This product is intended to be used alongside sulfadiazine in the standard protocol to treat toxoplasmosis typically seen in AIDS patients.

Baum noted, “This is not the first time a sole supply generic drug – especially one that has been approved for use as long as Daraprim – has had its price increased suddenly and to a level that may make it unaffordable”. He announced the availability of the compounded replacement for Daraprim as a part of a larger corporate program, “Imprimis Cares”, to make “novel and customizable medicines available to physicians and patients at accessible prices”. Imprimis is now offering its compounded, orally taken formulations of pyrimethamine and leucovorin beginning at US$99 for a 100‑count bottle, essentially a dollar a dose.

On November 23, 2015, Turing announced that the company would not reduce the list price of Daraprim, but said it planned instead to negotiate volume discounts of up to 50% for hospitals. Turing issued a statement that it was not as important to cut the list price as to reduce the cost to hospitals, where most patients get their initial treatment. The company pledged that no patient needing Daraprim would ever be denied access.

Infectious disease specialists and patient advocates, including Tim Horn of the Treatment Action Group and Carlos del Rio of the HIV Medicine Association, said Turing’s actions were insufficient, given that patients initially treated for days at a hospital typically have to continue the treatment for weeks or months after leaving.

Martin Shkreli Blog

My thoughts on biopharma and other topics like my friendship with my best friend mo she is seriously the best and I love her dog Ringo I do not compare to him at all

Martin Shkreli Twitter

Martin Shkreli Cries

Civil penalties

In December 2016, the New York state Department of Taxation and Finance issued a tax warrant for $1.26 million for unpaid taxes owed by Shkreli. After Shkreli made partial payments, the state recouped another $134,500 from Shkreli by seizing and auctioning off an Enigma machine for $65,000, a manuscript signed by Isaac Newton, a letter from Charles Darwin, and another letter written by English mathematician and writer Augusta Ada King-Noel, Countess of Lovelace.

On April 23, 2018, it was reported that in court filings New York’s attorney general had asked Judge Matsumoto for priority on more than $480,000 in court-ordered forfeitures, to recover additional unpaid taxes and penalties owed to the state, over the federal government’s claims for Shkreli’s forfeited assets. Prior to Shkreli’s conviction, the state of New York had been aggressively attempting to collect the tax debts from Shkreli and had already seized and auctioned off several of items including the rare Nazi Enigma code machine.

At the same time, the Securities and Exchange Commission announced that Shkreli had agreed to an order that would bar him from the securities industry in order to settle a pending SEC administrative action against him, however, Shkreli is eligible to apply for readmission to the industry subject to applicable laws and regulations governing the process.

Martin Shkreli Instagram

https://www.instagram.com/p/BvhkBHXFamZ/?utm_source=ig_web_copy_link

Martin Shkreli Youtube

Martin Shkreli Charges

Shkreli was charged in federal court, then convicted on two counts of securities fraud and one count of conspiring to commit securities fraud. In 2018, Shkreli was sentenced to seven years in federal prison and up to $7.4 million in fines.

Criminal prosecution and conviction

On December 17, 2015, Shkreli was arrested by the FBI after a federal indictment in the U.S. District Court for the Eastern District of New York was filed, charging him with securities fraud. The charges were filed after an investigation into his tenure at MSMB Capital Management and Retrophin. He was accused of running a Ponzi-like scheme.
Federal prosecutors said that Shkreli “engaged in multiple schemes to ensnare investors through a web of lies and deceit”. In an interview with The Wall Street Journal, Shkreli said that he was targeted by law enforcement for his price hikes of the drug Daraprim and his flamboyant personality.

In early 2016, Shkreli retained criminal defense attorney Benjamin Brafman to defend him. At his 2017 trial, Shkreli argued that none of his investors actually lost money (some actually turned a profit) and thus his actions did not constitute a crime. Shkreli’s frequent criticisms of the federal prosecutors in New York’s Eastern District, whom he called “junior varsity” compared to their counterparts in the Southern District across the East River, both on his Facebook streaming video feed and in the hallways of the courthouse, led those prosecutors to request that judge Kiyo A. Matsumoto issue a gag order to prevent what they called a “campaign of disruption.” Brafman claimed in response that his client was responding to baiting from the media and was also suffering from extreme anxiety because of his situation. Matsumoto ordered Shkreli not to speak with reporters, either in the courthouse or its immediate vicinity.

On August 4, 2017, the trial jury found Shkreli guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud, and not guilty on five other counts. Shkreli said he was delighted with the outcome and described his prosecution as “a witch hunt of epic proportions.”

On September 13, 2017, his bail was revoked following a Facebook post offering $5,000 for a strand of Hillary Clinton’s hair which the judge perceived as the solicitation to assault, which is not protected under the First Amendment. Shkreli’s post was preceded by others that suggested he might have plans to clone Hillary Clinton. Shkreli said that his post was satire, and his lawyer described it as tasteless but not a threat. Shkreli edited the post to add a disclaimer that it was satire, and later said he did this minutes after publication. Shkreli apologized for the post. He was sent to the Metropolitan Detention Center, Brooklyn while awaiting sentencing.

Martin Shkreli
Martin Shkreli

Shkreli is appealing his conviction.

Forfeitures
On March 5, 2018, Shkreli was ordered to forfeit nearly $7.4 million in assets.[118] The court ordered that if Shkreli had insufficient cash to fulfill the forfeiture order, his assets—including a piece of art by Pablo Picasso, his unique Wu-Tang album Once Upon a Time in Shaolin, the unreleased Lil Wayne album Tha Carter V, and Shkreli’s pharmaceutical company shares—could be seized. In April he was ordered to pay $388,000 in restitution.
Statements at sentencing
During his sentencing, judge Kiyo Matsumoto said Shkreli seemed “genuinely remorseful,” regarding his “egregious multitude of lies,” but said he had “repeatedly minimized” his misconduct. Shkreli, who reportedly cried as he gave his statement to the court, stated: “I was never motivated by money.”

Incarceration
On March 9, 2018, Shkreli was sentenced to seven years in federal prison. He is federal inmate number 87850-053 and was held at the Metropolitan Detention Center, Brooklyn prior to being transferred to federal prison. On March 27, 2018, it was reported that Judge Kiyo Matsumoto agreed to recommend Shkreli serve his prison sentence at the minimum security federal camp at USP Canaan, which he had previously requested. On April 18, 2018, Shkreli was transferred from Metropolitan Detention Center, Brooklyn to FCI Fort Dix after his request to serve at USP Canaan was denied.