Martin Shkreli, a former CEO of Turing Pharmaceuticals, has just announced that he will find a cure for Covid-19 if he is released from prison ahead of schedule.
Earlier, Shkreli was sentenced to 20 years in prison for fraud. He was also dubbed “the most hated CEO in the United States” because of the increase in the price of Daraprim (the drug for patients infected with parasites) by 5,000%.
Passionate about stocks since childhood
Born on March 17, 1983, at Coney Island Hospital, New York City, USA, Martin Shkreli got an extremely humble start when both father and mother were gatekeepers in Brooklyn.
As a child, the immigrant boy with Albanian and Croatian blood learned about securities under the guidance of his neighbor Marty. At the age of 12, Shkreli had his first stock in the computer company Compaq.
Martin Shkreli is an ambitious person. “About 10 or 11 years old, I wanted to have a big company like Eli Lilly or Merck,” Shkreli said. As a teenager, Shkreli continued his interest in securities by continually buying stocks from prospective companies.
In 1997, right after Amazon went public, Shkreli owned the company’s first stocks. While other young men revolve around Yankee and baseball games, Shkreli chooses to find information about the group of companies that are popular in the business world.
Shkreli attended Hunter College High School, which he admitted was a stepping stone to his later success. As a token of gratitude, Shkreli once donated $ 1 million to the school in 2015. However, for some reason, Shkreli dropped out before graduating.
According to CNN, Shkreli’s acquaintances said he was “captivated by Wall Street and could take hours to learn about it”. After leaving high school, Martin Shkreli began practicing on Wall Street in pharmaceutical company Cramer Berkowitz & Co, founded by CNBC presenter “Mad Money” Jim Cramer.
At the age of 18, Shkreli first got into trouble with the law when accused of securities fraud. But because he found no evidence to support the charges, his charges were quickly dismissed.
In 2004, Shkreli obtained a business degree from Baruch College. However, he thinks that university is quite boring for him, only his time in high school is that he really cares about studying.
Shkreli worked for UBS and Intrepid Capital Management before setting up his own MSMB Capital Management hedge fund in 2009. In February 2011, Shkreli founded pharmaceutical company Retrophin.
However, things did not go as expected. Around the same time that Retrophin was founded, Shkreli’s hedge fund lost $ 7 million due to a loss bet on Orexigen Therapeutics. In addition, he lost a million dollars from other losses and MSMB was forced to stop all transactions, leaving only $ 60,000 in the account.
On the one hand, Shkreli transferred money from Retrophin to pay off the debts of MSMB and his own, on the other hand, concealed losses and sent progress reports to investors like the company was still stable.
It did not take too long for investors to discover Shkreli’s tricks. They asked him to quickly return the full amount of the deficit. Shkreli agreed the amount would be $ 11 million, but he did not inform the board of Retrophin about this money.
Shkreli bypasses the auditor by concealing the payment in the form of a fake “consulting” agreement. But it did not stop Shkreli from being fired from the board in 2014.
Arrogant, likes to show on social networks
In 2015, Shkreli founded Turing Pharmaceuticals and bought the rights to Daraprim, a toxoplasmosis drug – a parasite that people with weakened immune systems (like AIDS) and pregnant women often get infected with.
Immediately, Shkreli increased drug prices from 13 USD to 750 USD, 5,000%. This sparked a wave of intense criticism, including two presidential candidates, Hillary Clinton, and Donald Trump.
Throughout his business, observers consider Shkreli to be arrogant and love to express emotions on social networks, especially Twitter. In a furious presidential candidate Bernie Sander, Shkreli once wrote, “Anger @BernieSanders to the point of punching the wall for euphoria”.
The thoughtless speech of Shkreli later also made him accused of sexually harassing reporter Lauren Duca and was taken into account twice by Twitter.
Shkreli even managed to pay for the purchase of Wu-Tang’s only rap album of 31 songs in a wooden box for $ 2 million, then broadcast it through the livestream.
In December 2015, Shkreli was detained on charges of securities fraud. Previously, Shkreli resigned as CEO of Turing and was fired from KaloBios, the pharmaceutical company he acquired in November. Facing the risk of being convicted, Shkreli remained calmly livestreaming about himself for 5 hours on YouTube.
On August 4, 2017, Shkreli was sentenced to three counts of securities fraud and faced up to 20 years in prison, but was declared innocent in the scandal of Retrophin’s appropriation of money to pay for private hedge fund. With arrogant and challenging attitude, Shkreli announced that he would be vindicated, the jury as well as the prosecutor would have to apologize to him.
Source: CNN, Zing