What Happened To Martin Shkreli? Update On The Pharma Bro Release Date His Fiasco With Wu Tang Clan

Martin Shkreli Released Early From Prison ( Source : Bbc )

Martin Shkreli, a brash pharmaceutical businessman who faced harsh criticism for overbilling for essential medications. He was arrested early on Thursday and later released on a $5 million bond after denying claims of securities fraud.

Martin is a convicted felon and former hedge fund manager from the U.s. The hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare were co-founded by him.

Additionally, he was the co-founder and former CEO of the pharma firms Retrophin and Turing Pharmaceuticals, as well as the former CEO of the start-up software business Gödel Systems.

What Happened To Martin Shkreli? Hedge Fund Owner Arrested

Martin Shkreli, the head of the pharma industry, was arrested on Thursday as he was accused of organizing a trifecta of lies, dishonesty, and greed, as per authorities. He gained notoriety for raising the price of an HIV-related medicine by 5,000 percent.

As per a complaint made by federal officials, the removal of Martin comes in the wake of an investigation into widespread securities fraud involving a hedge fund and drug business he once headed.

The CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals was apprehended at his home in Manhattan's Midtown as per the reports mentioned by NBC News.

A seven-count accusation against him and Evan Greebel, Retrophin's outside attorney, was filed in federal court in Brooklyn, New York.

U.S. Attorney Robert Capers in Brooklyn claimed during a press conference on Thursday that Shkreli used his businesses as a personal piggy bank and operated them like a Ponzi scheme.

Martin Shkreli Release Date: What Exactly Did He Do? Wu-Tang Clan Fiasco

Martin Shkreli will be released from the care on September 14, 2022, as anticipated by the BOP. In March 2018, he received a 7-year prison term after being found guilty of securities fraud in 2017.

Shkreli gained the nickname "Pharma bro" for his arrogant defense of that price rise, his mocking of those who called out his actions on Twitter, and his $2 million purchase of a unique Wu-Tang Clan CD.

But the price hike for that anti-parasite medicine has nothing to do with his felony charge. In order to start his first drug company, Retrophin, Martin was accused of scamming investors at two hedge funds,  as per the charges that led to his arrest in late 2015.

The 32-years-old was also accused of stealing from Retrophin to compensate hedge fund investors for debts he concealed from them, according to the CNBC News.

Where Is Martin Shkreli Now? Update On His Family 

Martin Shkreli was relocated to a halfway house run by the New York Residential Reentry Management Office of the Federal Bureau of Prisons after being released from an Allenwood, Pennsylvania prison.

On Thursday, he was also detained, and one case of conspiracy to conduct wire fraud was brought against him. Despite the criticism from the people, the American businessman did not change his views or express any regret.

Besides, Martin was also the child of Albanian immigrants and was born on March 17, 1983, in the Brooklyn neighborhood of New York City. His family was Roman Catholic, and he claimed that his faith had served as a guide point for him.

As per his Wikipedia bio, the convicted head of the pharma industry was raised in a working-class neighborhood in Sheepshead Bay, Brooklyn, together with his brother, two sisters, and two aunts. 

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