The internet rejoiced when pharmaceutical entrepreneur, Martin Shkreli, was arrested last December on securities fraud, but the pursuit of justice will have to wait a little longer.
In court today, prosecuters informed Shkreli that additional charges are pending. The new information led his attorneys to request a delay for setting a trial date so that they can adequately prepare for the forthcoming charges.
“I think that today was a good day for Martin Shkreli,” defense lawyer Benjamin Brafman told reporters outside the courthouse after the brief proceeding, while his client stood silently beside him. The judge recognized the “complexity” of handling the case, he said. Shkreli may seek to try his case separately from Greebel’s, Brafman said. In a letter filed Monday, Brafman said that his client may pursue a “reliance of counsel” defense, meaning he might try to blame Greebel for his actions.
“We intend to proceed to trial,” Brafman said on Tuesday.
Shkreli is accused of misleading the investors of MSMB Capital Management, a hedge fund he created, by covering the losses the fund incurred with proceeds from the biotech company Retrophin, which he also founded and served as CEO.
He was ousted as CEO of Retrophin in 2014, and they sued him for $65 million over his alleged misuse of company funds.
He came under public scrutiny when the new company he founded, Turing AG, aquired the license for Daraprim. The drug is used to treat toxoplasmosis, common in HIV patients. As part of his business strategy, he raised the price of the drug from $13.50 per pill, to $750 per pill.
The outrage was swift and widespread.
Physicians, pharmaceutical associations and even presidential candidates, condemned him. Under great pressure, he agreed to reduce the price, but did not follow through.
He seemed to enjoy the negative attention, frequently fanning the flames through combative Twitter posts, and earning himself the title “The most hated man in America.”
