After making a splash over the past few weeks over purchasing the Wu-Tang Clan album for over $2 million, Martin Shkreli’s luck has ran its course. Earlier today, Shkreli was arrested for security fraud.
The price-gauging executive has been accused of losing money from investors and later lying about it. He would take assets and money from his company to later pay off his debts from his investors. “Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said earlier today in a press conference.
Shkreli also caused tremors in the rap game when he offered to bail out rapper Bobby Shmurda. In addition, the brazen business exec pissed off many people when he elected to raise the price of AIDS and cancer medication to $750. He posted bail this morning at $5 million. Please SHARE with your friends.