A little greed goes a long way. Let's take America's most hated man for example.
From raising the price of Daraprim (a life-saving drug) from $13.50 to $750, to using a company's funds for his personal endeavors, Martin Shkreli has outdone himself this time.
After raising the cost of the very substantial drug to almost 5000% of its original price, Shkreli became the subject of public criticism and scrutiny. Not only did he have to face protesters but he had to bear the brunt of known figures like Trump, Clinton and Sanders.
Being labeled as the epitome of "Pharma Greed," it seems that this Wall Street boy cannot escape his reputation.
The filed case against the entrepreneur was not related to the Daraprim drug. The Turing Pharmaceuticals CEO was reportedly charged with securities fraud as Time reports.
Bloomberg reports that he allegedly used funds from Retrophin Inc. for his personal interests. This was a company that he started way back in 2011.
Last 2014, he was removed from this company for exploiting the company funds. When his hedge fund plummeted, he faced multiple charges for engaging in complicated acts of dishonest financial acts.
Robert Capers, U.S. Attorney, mentioned last Thursday that Shkreli is fond of using company money to cover for his accumulated debts.
Capers said, "As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company."
Shkreli was arrested by the agents from the Federal Bureau of Investigation in his Manhattan residence last Thursday. He was able to pay off his bond, which was at $5 million, then left court in the afternoon.
The man's profile has been a constant attraction for condemnation. This latest stunt does a lot of damage to his public image more than one can imagine.
