After years of claims and accusations, fraudster Martin Shkreli settles up with Retrophin
Two weeks after fraudster Martin Shkreli filed a lawsuit against one of the biotechs he had founded — and been kicked out of — it’s over.
A spokesman for Retrophin told CNBC that they had resolved “all outstanding disputes between them.” And that includes the suit that Retrophin had brought against its former CEO three years ago, claiming that he had breached his fiduciary responsibility to the company.
Shkreli famously borrowed a price-gouging strategy he had worked on at Retrophin and took it to the hilt at Turing Pharmaceuticals, upsizing the price of an old drug he had purchased by 5,000%. The news around that made Shkreli infamous, highlighting the absence of any legal control over how a company prices a drug in the US.
That hasn’t changed — yet.
Shkreli was imprisoned, but not for price gouging. Federal prosecutors gained a conviction on 3 of 8 charges of financial fraud related to his management of Retrophin and the hedge funds he once ran into a brick wall. Now serving a 7-year sentence, Shkreli has found himself back in hot water with the powers that be after a Wall Street Journal report that he was still managing Turing — now renamed Phoenixus — with the use of an illicit mobile phone while behind bars.
Shkreli was moved out of Fort Dix to new, barred digs in Allenwood, PA.