The SEC charged Martin Shkreli, former CEO of pharmaceutical company Retrophin, with committing fraud during a five-year period when he was also working as a hedge fund manager. The SEC alleges that Shkreli misappropriated money from two hedge funds he founded and made material misrepresentations to investors among other widespread misconduct, including fraudulently inducing Retrophin to issue stock and make cash payments to certain disgruntled investors in Shkreli’s hedge funds who were threatening legal action. The SEC also charged Retrophin’s former outside counsel and corporate secretary Evan Greebel with aiding and abetting certain aspects of Shkreli’s alleged fraud. In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York announced criminal charges against Shkreli and Greebel. SEC
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