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Martin Shkreli is found guilty of securities fraud

washingtonpost.com

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Re: Martin Shkreli is found guilty of securities fraud

#551

Post by dingo_bat »

kabdib wrote: post #496

A data point about medication: I just paid for a pair of EpiPens; the generic version was $337 a pair (last I checked, the non-generic version was over $600). I have pretty good health insurance, so I didn't pay that much myself, but my employer paid the rest. As a baseline, I had the pharmacist look up the equivalent medication for use with a syringe; a ten dose bottle was $5.99. I know, not the same thing. But this…

So when are you planning to manufacture an equivalent device at lower price? Just sell it for $99, you'll crush Mylan and still earn 10x margins.

Re: Martin Shkreli is found guilty of securities fraud

#552

Post by 0xbear »

paulgb wrote: post #436
0xbear wrote: post #218

Earlier quoted context omitted.

Did I say otherwise? Is there any doubt in your mind as to why they went after him though? How many other hedge fund managers do you know of that have ever seen the inside of a jail cell?

You didn't say otherwise, but it seems to explain why he was prosecuted while Bresch was not.

Not why he was prosecuted. Why he was even considered for prosecution in the first place. Some of the investors "harmed" by Shkreli admitted on the stand that their investments with him were the best they've ever made. Dude is also obviously smart and talented, and while he might have bent the rules here and there, as far as I can tell no harm has come to anyone in the end. So what this amounts to is little more than a witch hunt. The "aggrieved" party has made a lot of money.

But my comment was more about a peculiar difference in the treatment of two people in similar circumstances based seemingly on whether their relatives are high ranking government officials. Surely this should have seen some more scrutiny from the "free" press, no?

Re: Martin Shkreli is found guilty of securities fraud

#553

Post by dingo_bat »

paulgb wrote: post #436
0xbear wrote: post #218

Earlier quoted context omitted.

Did I say otherwise? Is there any doubt in your mind as to why they went after him though? How many other hedge fund managers do you know of that have ever seen the inside of a jail cell?

You didn't say otherwise, but it seems to explain why he was prosecuted while Bresch was not.

His obvious intent was to draw attention to the highly negative attention Shkreli got which probably caused harsher treatment in this case too.

Re: Martin Shkreli is found guilty of securities fraud

#554

Post by cm2187 »

downandout wrote: post #548
cm2187 wrote: post #527

Earlier quoted context omitted.

I believe it is the SEC suing him for fraud, not investors trying to recoup losses. If you commit fraud in the financial industry, whether with or without harm, the regulator will come after you.

SEC can only file civil actions. This is a criminal case, which can only be brought by the DOJ.

Either way. Not investors suing him.

Re: Martin Shkreli is found guilty of securities fraud

#555

Post by cm2187 »

Overtonwindow wrote: post #541
wavefunction wrote: post #460

Earlier quoted context omitted.

I feel great. Shrekeli's a terrible person and I'm comfortable with him being held to account for his crimes.

Perhaps society doing a societal good. A shot across the bow when organs of state have failed them.

Like Al Capone going to jail for tax fraud.

Re: Martin Shkreli is found guilty of securities fraud

#556

Post by thomasfoster96 »

jabgrabdthrow wrote: post #512
jjxw wrote: post #118

There seems to be a misconception regarding what Shkreli was found guilty of. The legal case here has very little to do with the pharmaceutical pricing controversy - it is a separate case based on a separate hedge fund that he managed. The gist of it is that he took people's money to start a hedge fund, lied to investors that the fund was doing fine when the hedge fund went belly up, but ended up returning everyone's…

Is this "fake news"?

No.

OP is pointing out that because Shkreli initially became infamous for his drug price raising, many members of the public are probably seeing ‘Shkreli found guilty’ and assuming it was because of that incident, which many felt was wrong and immoral. This article (And other coverage of the trial) doesn’t make any such claim.

Re: Martin Shkreli is found guilty of securities fraud

#558

Post by par »

dingo_bat wrote: post #551
kabdib wrote: post #496

A data point about medication: I just paid for a pair of EpiPens; the generic version was $337 a pair (last I checked, the non-generic version was over $600). I have pretty good health insurance, so I didn't pay that much myself, but my employer paid the rest. As a baseline, I had the pharmacist look up the equivalent medication for use with a syringe; a ten dose bottle was $5.99. I know, not the same thing. But this…

So when are you planning to manufacture an equivalent device at lower price? Just sell it for $99, you'll crush Mylan and still earn 10x margins.

They've probably got a ton of lawyers who would come after you based on their patents. Doubt op has mega cash to fight that.

Re: Martin Shkreli is found guilty of securities fraud

#559

Post by abvdasker »

accountyaccount wrote: post #533

Wait wait wait, he committed fraud... but everyone he defrauded actually ended up getting a 3X return on their investment because he just took money from another one of his ventures? I mean, illegal sure, but seems like he still held up his end of the bargain.

The thing about the law is that it largely exists as a deterrent for bad behavior, particularly behavior that causes systemic issues when it becomes widespread. Just because in this instance the parties being misled didn't lose their investments doesn't mean that the next time someone like Shkreli attempts this kind of scheme it won't end in disaster for the people he defrauds.

It's kind-of like a speed limit. Sure, maybe you didn't get in an accident doing 100 in a 50 but you sure as hell deserve a ticket because if everyone did it the roads would become totally unsafe.

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