In a seven-count indictment unsealed Thursday, Martin Shkreli, the embattled CEO and founder of Turing Pharmaceuticals, has been charged by the FBI with securities fraud, securities fraud conspiracy, and wire fraud conspiracy for allegedly orchestrating three interwoven schemes. In what the Department of Justice terms “Ponzi-like” schemes, Shkreli allegedly defrauded investors of two former hedge funds he managed and misappropriated $11 million in assets from the biopharmaceutical company he once headed, Retrophin, all in the course of about five years.
The charges carry a maximum sentence of 20 years, Robert Capers, United States Attorney for the Eastern District of New York, said in a press conference Thursday.
Also included in the indictment are charges against Evan Greebel, who served as outside counsel for Retrophin. Greebel, who allegedly helped Shkreli pull off the schemes, is charged with wire fraud conspiracy.