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Martin Shkreli Threatened Family, Former Employee Testifies

Image: Martin Shkreli Threatened Family, Former Employee Testifies

Martin Shkreli, former CEO of Turing Pharmaceuticals LLC, exits federal court on May 3, 2016, in the Brooklyn borough of New York City. (Eduardo Munoz Alvarez/Getty Images)

By    |   Wednesday, 19 Jul 2017 10:31 AM

Martin Shkreli allegedly threatened a former employee's family, according to testimony in court, where Shkreli faces fraud charges related to a biopharmaceutical company.

Tim Pierotti testified in the Federal District Court in Brooklyn that Shkreli, for whom he ran a consumer hedge fund, threatened his wife and four children in an effort to get Pierotti to sell stock for his drug company, The New York Times reported.

A letter written by Shkreli in January 2013 and sent to Pierotti's wife was read to jurors in court earlier this week. The correspondence stated, "Your husband had stolen $1.6 million from me and I will get it back. I will go to any length necessary to get it back," noted CNBC. "Your pathetic excuse of a husband needs to get a real job that does not depend on fraud to succeed... I hope to see you and your four children homeless and will do whatever I can to assure this."

Shkreli is accused of repaying investors by looting stock from drug company Retrophin. He has pleaded not guilty.

The 34-year-old was the founder and portfolio manager of MSMB Capital Management and MSMB Healthcare, a pair of hedge funds. He founded Retrophin in 2011, and acted as CEO until September 2014.

According to court documents, Shkreli orchestrated widespread fraudulent conduct from 2009. Amongst these are allegations that he misappropriated funds from MSMB and "fraudulently induced Retrophin to issue stock and pay cash to disgruntled hedge fund investors."

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Martin Shkreli allegedly threatened a former employee's family, according to testimony in court, where Shkreli faces fraud charges related to a biopharmaceutical company.
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2017-31-19
Wednesday, 19 Jul 2017 10:31 AM
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