Greed ain’t good

At least not if it puts you in the public eye when you’re already under investigation for various criminal activities at the last company that employed you.

I’m talking about web-Shkreli-1-cnbcthis guy, of course.

Since at least in January, Shkreli has been under criminal investigation by the United States Attorney’s Office for the Eastern District of New York, court records show.

[snip]

The criminal investigation involves Retrophin, a public company where Shkreli served as an officer, director, and 10-percent owner of the outstanding stock before being ousted amid multiple allegations of misconduct.

[snip]

The inquiry, according to court records and people with knowledge of the inquiry, involves such a vast number of suspected crimes it is difficult to know where to start. A quick summary of the government’s theory: If there was money, Shkreli took it. If there were facts to be revealed, Shkreli hid them. If there were securities laws, Shkreli broke them.

And that’s why Shkreli’s decision to dramatically raise the price of a decades-old life-saving drug—and then appearing on television, smiling broadly as he justified actions that put lives at risk—was such a bad move.

Prosecutors do like to charge public figures; the belief is there’s a deterrent value added that isn’t there when some equally bad but obscure crook is indicted.

The litany of things this guy is accused of is amazing.

According to the court records and people with knowledge of the case, the allegations against Shkreli that are under investigation involve insider trading, disguising the purpose of corporate payments for his benefit, defrauding shareholders by snatching business opportunities for himself, destruction of evidence, failure to disclose material facts to shareholders and other potential crimes.

Goodness, even for a former hedge fund manager, that’s sleazy.

Read the entire Newsweek story at the link.