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CEO that raised prices on AIDS medicine has been fired from his job

Martin Shkreli, the CEO of KaloBios Pharmaceuticals, who raised the price on AIDS medicine, has been fired
By: Anthony Garreffa | Business, Financial & Legal News | Posted: Dec 22, 2015 6:41 am
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The CEO of KaloBios Pharmaceuticals has been fired after he increased the price of AIDS medicine from $13.50 per pill to $750 per pill. Most recently, Martin Shkreli had been arrested with fraud charges.

 

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Shkreli has been "terminated" from his position, and he has resigned from the board. The 32-year-old former hedge fund manager pleaded not guilty in Brooklyn federal court and was released on $5 million bail. Shkreli has been charged with securities fraud and conspiracy.

 

Prosecutors have said that from 2009 to 2014, Shkreli lost some hedge fund investors' money through bad trading. In order to pay back his angered clients, Shkreli took $11 million from another pharmaceutical company, Retrophin, where he was the CEO. US Attorney Robert Capers said on Thursday: "As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company".

NEWS SOURCES:Cnbc.com, Gizmodo.com

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