eSports Exec and Reviled Poster Boy of Drug Price Hikes Arrested
Martin Shkreli, a pharmaceutical industry entrepreneur and founder of Turing Pharmaceuticals has been charged with securities fraud.
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Shkreli is best known for licensing the HIV and cancer drug Daraprim through his pharmaceuticals company then hiking the price from $13.50 a pill to $750.
In the world of gaming, Shkreli is a League of Legends player who goes by the name "Imagine Cerebral" and went on to found his own team, Odyssey eSports, while aiming to qualify for the 2015 North American League of Legends Challenger Series. The team lost to Cloud9 Tempest in the qualifying tournament and failed to qualify.
In August, Odyssey merged with Imagine, with Shkreli becoming Chairman of the team. During the merger the team also acquired the Dota 2 team Leviathan.
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Prosecutors charged Shkreli with two counts of conspiracy to commit securities fraud, three counts of conspiracy to commit wire fraud and two counts of securities fraud.
Shkreli and his now-defunct hedge fund MSMB Capital are accused of defrauding investors by falsifying investment returns, using company funds to settle personal disputes with investors, all the while enriching himself with company funds.
- Aaron Goldstein, Gambling911.com
