Martin Shkreli
Martin Shkreli (born March 17, 1983) is an American businessman, former hedge fund manager, and convicted felon. He is the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare; the co-founder and former chief executive officer (CEO) of the biotechnology firm Retrophin; and the founder and former CEO of Turing Pharmaceuticals.
Early Life and Education
Shkreli was born in Brooklyn, New York, to Albanian and Croatian immigrants who worked as janitors. He attended Hunter College High School and later graduated from Baruch College with a bachelor's degree in business administration.
Career
Shkreli began his career in finance as an intern for Cramer, Berkowitz and Company when he was 17. He later co-founded hedge fund Elea Capital in 2006, which was closed after a lawsuit from Lehman Brothers in 2007. In 2009, Shkreli founded MSMB Capital Management, an investment firm that focused on healthcare.
In 2011, Shkreli started Retrophin, a biotechnology firm, and served as its CEO until 2014. He then founded Turing Pharmaceuticals in 2015, where he became infamous for raising the price of the life-saving drug Daraprim from $13.50 to $750 per pill overnight.
Legal Issues
In 2015, Shkreli was arrested by the Federal Bureau of Investigation (FBI) on charges of securities fraud. He was convicted in 2017 on two counts of securities fraud and one count of conspiring to commit securities fraud. He was sentenced to seven years in federal prison and ordered to forfeit $7.4 million.
Public Perception
Shkreli's actions at Turing Pharmaceuticals, particularly the price hike of Daraprim, led to widespread criticism and made him a symbol of corporate greed in the pharmaceutical industry. He has been referred to in the media as "the most hated man in America" and "Pharma Bro".
See Also
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External Links
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