Martin Shkreli says securities fraud charges are 'baseless'

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'Pharma Bro' Martin Shkreli Isn't Exactly Lying Low After Arrest


Martin Shkreli, the pharmaceuticals entrepreneur vilified for jacking up the price of a life-saving AIDS drug, said on Saturday that unrelated securities fraud allegations that resulted in his arrest this week were "baseless and without merit."

Federal prosecutors have alleged that Shkreli was running a Ponzi-like scheme at his former hedge fund and a company he headed before he took the helm of Turing Pharmaceuticals Inc, where he created an uproar in September when the company raised the price of the drug Daraprim from $13.50 to $750 a tablet.

SEE ALSO: Martin Shkreli starts YouTube live stream a day after leaving jail

"I am confident I will prevail," Shkreli wrote on Twitter on Saturday. "The allegations against me are baseless and without merit."

Shkreli was charged on Thursday with securities fraud, securities fraud conspiracy and wire fraud conspiracy related to his management of hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc. The maximum sentence for the top count is 20 years in prison.

See photos from Shkreli's arrest:

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Martin Shkreli says securities fraud charges are 'baseless'
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 belted into an awaiting car after being taken into custody following a securities probe, on Thursday, Dec. 17, 2015 in New York. 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. (AP Photo/Craig Ruttle)
Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, sits in an awaiting car after being taken into custody following a securities probe, on Thursday, Dec. 17, 2015 in New York. 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. (AP Photo/Craig Ruttle)
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 escorted by law enforcement agents in New York Thursday, Dec. 17, 2015, after being taken into custody following a securities probe. 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. (AP Photo/Craig Ruttle)
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 escorted by law enforcement agents in New York Thursday, Dec. 17, 2015, after being taken into custody following a securities probe. 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. (AP Photo/Craig Ruttle)
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 escorted by law enforcement agents in New York Thursday, Dec. 17, 2015, after being taken into custody following a securities probe. 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. (AP Photo/Craig Ruttle)
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His tweet on Saturday was his first direct comment about the pending charges, although a representative earlier said Shkreli was confident that he would be cleared.

The allegations have amplified the public outrage over the brash, boyish-looking Shkreli, who has become the poster child for the issue of soaring prices for prescription medications.

Hillary Clinton, the front-runner for the Democratic presidential nomination, pilloried him for price-gouging, and he was pulled into congressional investigations into drug pricing.

Shkreli, who resigned as Turing's chief executive on Friday, has appeared to bask in the attention. Since September he has used social media site Twitter to prod his detractors. He appeared on CNBC to defend drug price increases and told guests at a Forbes healthcare conference earlier this month that he should have raised the price of Daraprim further.

On Friday, after returning home from jail, Shkreli started a live stream on YouTube in which he could be seen playing an online chess game while answering comments from viewers.

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