cancel2 2022
Canceled
- Shkreli is believed to have made a series of terrible investments recently
- He allegedly took $660,000 from investors to start a hedge fund in 2009
- But a year later, according to SEC documents, only $331 was left
- Federal filings say he was given more than $3million from further investors
- The pharma boss also said he wanted to bail out Bobby Schmurda
- Shmurda is in solitary confinement facing a string of charges including conspiracy to commit murder
Martin Shkreli spent millions of dollars to indulge his hip-hop fandom while allegedly trying to hide losses from a series of terrible investments, Securities and Exchange Commission files suggest. The shamed pharmacy boss was arrested and charged with securities fraud on Thursday and is accused of losing mountains of money given to him by investors then lying about what was left.
Shkreli was an avid hip-hop fan, adoring artists including Eminem and DMX, and made no secret of his desire to get involved in the music industry, according to federal documents, his lavish lifestyle and music tastes were one of the biggest benefactors of the huge cash sums he was given by investors. Shkreli recently paid $2million to buy the only copy of Wu-Tang Clan's latest album Once Upon a Time in Shaolin, which was pressed on only one CD in a promotional move by the rap group. The FBI said yesterday that they had not seized the album. The day before his arrest, Shkreli said he planned to use $2million of money he seemingly didn't have to bail out jailed rapper Bobby Shmurda, who is accused of conspiracy to murder.
Shkreli told HipHopDx that he would help the hip hop artists with legal representation in return for rights to his future music.
'He’s from Brooklyn. I’m from Brooklyn,' he said, adding: 'I’ll show up with $2 million bail money no fucking problem.'
He also told the website: 'I’m the most successful Albanian to ever walk the face of this Earth.'
Free: Martin Shkreli was released on a $5million bond Thursday afternoon