Bad-boy ex-pharma CEO Shkreli calls fraud charges 'baseless' - Spokane, North Idaho News & Weather KHQ.com

Bad-boy ex-pharma CEO Shkreli calls fraud charges 'baseless'

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Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are "baseless and without merit." Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are "baseless and without merit."
New York -

Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are "baseless and without merit."
    
Shkreli tweeted Saturday: "I am confident I will prevail."


    
The 32-year-old former hedge fund manager pleaded not guilty Thursday in Brooklyn federal court and was released on $5 million bail.
    
Shkreli was charged with securities fraud and conspiracy. Prosecutors say from 2009 to 2014, Shkreli lost some of his hedge fund investors' money through bad trades, then looted a pharmaceutical company where he was CEO for $11 million to pay back his disgruntled clients.
    
Shkreli was already widely reviled because a drug company he founded raised the price of a life-saving drug from $13.50 to $750 per pill. He resigned as the company's CEO on Friday.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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