It Couldn’t Happen to a Nicer Guy

(Before It's News)

by Karl Denninger
Market-Ticker.org

Heh heh heh...

Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe not directly related to those actions.

A seven-count indictment unsealed in Brooklyn federal court Thursday charged Shkreli with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. A second defendant, attorney Evan Greebel, of Scarsdale, New York, was charged with conspiracy to commit wire fraud. It was not immediately clear who will represent Greebel in court.

Essentially the indictment alleges that he fraudulently convinced people to invest in a company that he then basically used as a piggy bank to satisfy unrelated obligations (that is, he essentially took people’s money and blew it on other things.)

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