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Martin Shkreli says he will beat ‘baseless’ charges

by Elliot Smilowitz - 12/19/15 4:21 PM ET

Former pharmaceutical CEO Martin Shkreli says he is confident he will beat fraud charges, calling them “baseless.”

Shkreli was arrested Thursday and charged with securities fraud and conspiracy. He pleaded not guilty and was released on $5 million bail.

“I am confident I will prevail” against the charges, he tweeted Saturday. “The allegations against me are baseless and without merit.”

I am confident I will prevail. The allegations against me are baseless and without merit.

— Martin Shkreli (@MartinShkreli) December 19, 2015

{mosads}Shkreli, a former hedge fund manager, is accused of looting a pharmaceutical company where he was CEO for $11 million to pay back clients after losing their money.

“Shkreli essentially ran [Retrophin] like a Ponzi scheme,” U.S. Attorney Robert Capers said Thursday, adding that he used the company “as his personal piggy bank.”

He resigned as CEO of Turing Pharmaceuticals on Friday, in the wake of the charges.

Shkreli rose to infamy earlier this year after Turin raised the costs of one of its drugs, which is used to treat parasitic infections in people with low immune systems like HIV patients, from $13.50 to $700 per pill overnight.

Tags Martin Shkreli