On Friday, June 3, new charges were filed against former pharmaceutical executive Martin Shkreli, AKA Pharma Bro. According to AP, the indictment says that Shkreli, along with his former attorney Evan Greebel, made plans to defraud potential investors of his former company, Retrophin Inc.
The claims that Shkreli and Greebel “allocated company stock to seven employees to conceal Shkreli’s ownership of it” come on top of previous criticism for raising the price of lifesaving medications by 5,000 percent and charges for a “Ponzi-like scheme” where he lost investors’ money through bad trades and looted the pharmaceutical company — for $11 million in cash and stock — to pay them back. Shkreli pleaded not guilty to seven counts of securities fraud and conspiracy, while Greebel pleaded not guilty to one count of wire-fraud conspiracy, reports The Wall Street Journal.
Benjamin Brafman, one of Shkreli’s attorneys, said in a statement regarding the new indictment:
‘There is nothing in the new indictment that impacts in any way on the flawed theory of the case as applied to Mr. Shkreli.’
Reed Brodsky, Greebel’s lawyer, declined to comment.
A court hearing in the case is scheduled for Monday, June 6, although it is unclear if Shkreli will be arraigned on the new charges then, since he was already due to appear in court before this new indictment was filed, reports CNBC. If Shkreli is found guilty, he could face additional prison time; he is currently free on a $5 million bond.
When asked for a comment on Twitter about the new charges filed against him, Shkreli directed the inquirer to his attorney with not-so-subtle arrogance. See the first tweet and Shkreli’s response below:
oh, I got him already. Just wanted to give you a chance to speak for yourself
— Dan Mangan (@_DanMangan) June 3, 2016