Price-gouging pharmaceuticals executive Martin Shkreli — who also just earned music world notoriety as the only buyer of the Wu-Tang Clan’s most recent album, Once Upon a Time in Shaolin — was reportedly arrested at his Manhattan home earlier this morning (Dec. 17) on securities fraud charges, according to Bloomberg. In the Securities and Exchange Commission’s complaint against Shkreli, he is accused of using his two hedge funds to “misappropriate” more than a million dollars. Details on the complaint, which the SEC provided to Billboard, are here.
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Shkreli is reportedly accused of using funds from Retrophin Inc., a biotech company he founded in 2011 to pay unrelated debts. He is also facing allegations of defrauding his now-defunct hedge fund MSMB Capital Management, alongside lawyer Evan Greebel, who was also arrested.
A press agent for the Department of Justice confirmed to Billboard that United States Attorney Robert L. Capers is holding a press conference at noon today (Dec. 17) to unseal an indictment charging Shkreli, as well as Greebel.
Wu-Tang Clan Album Owner Martin Shkreli Wants to Bail Out Bobby Shmurda
Shkreli’s $2 million purchase of Once Upon a Time in Shaolin was confirmed early last week. In an interview published yesterday, he said that he was also attempting to pay rapper Bobby Shmurda’s $2 million bail — Shmurda has been incarcerated since last December.