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Alternative Market Briefing

Update: Martin Shkreli, Evan Greebel formally indicted with seven counts of securities fraud and wire fraud conspiracy
Friday, December 18, 2015

Komfie Manalo, Opalesque Asia:

The Federal Bureau of Investigation (FBI) on Wednesday unsealed a seven-count indictment against Martin Shkreli, the founder and managing member of hedge funds MSMB Capital Management LP and MSMB Healthcare Management LP and former Chief Executive Officer of Retrophin Inc., and Evan Greebel, a former partner at the New York office of Katten Muchin Rosenman LLP who served as outside counsel to Retrophin.

Shkreli is charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy for orchestrating three interrelated schemes: schemes to defraud investors in MSMB Capital and MSMB Healthcare and a scheme to misappropriate Retrophin’s assets. Greebel is charged with wire fraud conspiracy for his role in the Retrophin scheme. The two were formally arraigned before United States Magistrate Judge Robert M. Levy.

The indictment against Shkreli and Greebel came after FBI agents arrested Shkreli. Shkreli is accused of taking stock from the public pharmaceutical company he had started, Retrophin, and using it to pay back debts at his former hedge fund, MSMB Capital.

"As alleged, Martin Shkreli engaged in multiple schemes to ensnare invest......................

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