1. Who is Martin Shkreli, the man jailed for posting online bounty on Hillary Clinton’s hair

Who is Martin Shkreli, the man jailed for posting online bounty on Hillary Clinton’s hair

Martin Shkreli, an American businessman was ordered jailed by a United States judge on Wednesday for a controversial Facebook post in which he offered a $5,000 reward for a strand of Hillary Clinton’s hair.

By: | New Delhi | Published: September 15, 2017 11:26 AM
Martin Shkreli, Martin Shkreli US, Martin Shkreli businessman, Martin Shkreli American businessman, Hillary Clinton, Facebook, Unites States judge, Kiyo Matsumoto, Turing Pharmaceuticals, Baruch College, MSMB Capital Management, Lehman Brothers, world news Martin Shkreli. (Photo: Reuters)

Martin Shkreli, an American businessman was ordered jailed by a United States judge on Wednesday for a controversial Facebook post in which he offered a $5,000 reward for a strand of Hillary Clinton’s hair, according to Reuters. Martin Shkreli had been set free on a whopping $5 million bail since his December 2015 arrest and was awaiting sentencing for a securities fraud too. On Wednesday, Shkreli was silent and stony-faced as US marshals led him out of US District Judge Kiyo Matsumoto’s Brooklyn courtroom after being ordered jailed. Shkreli, who has earned the nickname “Pharma Bro” for exploits that included increasing the price of a life-saving drug by 5,000 per cent, is a 34-year-old chief executive of Turing Pharmaceuticals. In the year 2015, people called him the ‘most hated man in America’, ‘morally bankrupt sociopath’, ‘garbage monster’ and ‘everything that is wrong with capitalism,’ according to a BBC report. But things were not always like that.

Martin Shkreli had a humble beginning. He is the son of Albanian and Croatian immigrants who grew up in a working-class community in Brooklyn, New York, according to BBC. Shkreli was good at academics and he skipped several grades in school and received a degree in business from New York’s Baruch College in the year 2004. When Shkreli was just 17-years old, he began his first internship at the Cramer Berkowitz & Co, a hedge fund that has been founded by television personality Jim Cramer. By the year 2006, Martin Shkreli had started his own hedge fund called the Elea Capital Management. However, the fund closed a year later when a $2.3 mn lawsuit was filed by the Lehman Brothers.

In the year 2008, Shkreli started the MSMB Capital Management hedge fund that became a launch pad for funding biotech firms including Turing. In the year 2011, Shkreli founded the biotech firm Retrophin, with the goal of focusing on medicines for rare diseases. However, he was ousted as head of the company in 2014 amidst allegations he improperly handled legal settlements. A year later, the company filed a $65 mn lawsuit against him claiming that he allegedly created Retrophin and took it public simply to pay off investors in his old hedge fund. On August 4, 2017, a jury found Mr Shkreli guilty of three of eight counts, including securities fraud, in a criminal case brought by US prosecutors.

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