Economy

Second Dallas investor describes Martin Shkreli as having 'Rain Man' personality

Second Dallas investor describes Martin Shkreli as having 'Rain Man' personality

"I'll build a new company and I'll get to a billion dollars before you can", Shkreli said when he was ousted as CEO from his pharmaceutical company, according to testimony Wednesday.

One of the founding board members of Martin Shkreli's drug company Retrophin testified against the "Pharma Bro" in federal court on Wednesday claiming that Shkreli lied to his face prior to the company outing him as CEO during the fall of 2014.

The former American Express human resources vice president, who invested $400,000 into Shkreli's MSMB Capitol hedge fund in 2009 and 2010, told jurors Shkreli "was starting to say certain things of a gay nature that started to worry me a bit".

"I was stunned, absolutely stunned", the consultant said, recalling how he confronted Shkreli about a decision Shkreli had made without the board's approval.

They also sat down the loudmouth to discuss his "use of Twitter", Richardson said.

The board wanted Shkreli to stay on as a senior adviser, but Shkreli wasn't interested. Richardson described Shkreli giving off mixed messages soon after learning he'd fallen out of favor.

Richardson said Shkreli went to Retrophin to get files and info - even though it had been made clear he was now persona non grata at the office.

Shkreli secretly ran what amounted to a hedge fund within Retrophin, allowing employees to trade stocks using shareholders' money, Richardson said. The money got rolled over into Retrophin and Richardson acquired stock in the young company.

More news: What Remains of Edith Finch Arrives For Xbox One on July 19th
More news: Florida man hides cocaine in 'Cookie Monster' doll
More news: Outstanding Leaders in today's market: Huntington Bancshares Incorporated (NASDAQ:HBAN)

Shkreli's on trial accused of running his funds and Retrophin as Ponzi schemes and defrauding investors including Kocher. Richardson estimated the stock that originated in the hedge fund investments had now ballooned in value well past the original sum.

Richardson explained that the company was tired of how investors would respond to the CEO being removed so they had hoped that Shkreli would stay on as a senior strategic consultant and as a board member.

'Here you are in a gay man's bedroom'.

Richardson said Shkreli came back with his tail between his legs days later, when the exodus of investors he expected to leave the company after his expulsion failed to happen. Shkreli resigned from Turing after his arrest on securities fraud charges in 2015.

"He took a second and said, 'No, I like you a lot but I don't, '" Richardson said.

"Martin agreed to resign, we agreed to sell him two drugs that he wanted to kick-start his new company", Richardson said.

They never met, Richardson said.


  • May Called Ivanka Trump's Taking Father's Seat at G20 Negotiations 'Reasonable'

    May Called Ivanka Trump's Taking Father's Seat at G20 Negotiations 'Reasonable'

    Not surprisingly, the president launched a passionate defense of his daughter, an official but unpaid assistant to her father. Appearing on conservative talk show Fox and Friends in late June, Ms Trump appeared to give mixed messages about her role.
    Charges filed in vehicle  crash that killed 5 in Livingston County

    Charges filed in vehicle crash that killed 5 in Livingston County

    The four were riding home from a Department of Corrections award banquet where Dunn was honored when the collision occurred. Matthew Jordan Carrier was arraigned Wednesday morning in Livingston Countys 53rd District Court and denied bond.
    Facebook Brings Live Video Broadcasting to Social VR

    Facebook Brings Live Video Broadcasting to Social VR

    Still now in beta, Facebook Spaces is all about connecting with friends and having a personalised online VR presence. All of these stats were dwarfed by far less expensive Samsung Gear VR at approximately 4.5 million.
  • Senate to delay start of August recess

    Senate to delay start of August recess

    Right now, they don't have the votes. "We can make it better if we're given the time and the opportunity to do so". Democrats call the Republican legislation a giveaway to the rich that would hurt the most vulnerable Americans.
    Microsoft is working on a fix for the Surface Pro hibernation issue

    Microsoft is working on a fix for the Surface Pro hibernation issue

    It can be had for $159.99 ($143.99 for the education market) and is offered in three colors: burgundy, cobalt blue and platinum. These updates are usually provided via the Windows Update service, and are delivered in stages to Surface customers.
    General Mills, Inc. (NYSE:GIS) Reviewed By Analysts

    General Mills, Inc. (NYSE:GIS) Reviewed By Analysts

    It improved, as 70 investors sold GIS shares while 405 reduced holdings. 78 funds opened positions while 323 raised stakes. Callahan Advisors Llc increased Kinder Morgan Inc (NYSE:KMI) stake by 20,430 shares to 388,387 valued at $8.04M in 2016Q4.
  • Bryce Harper asks about Dak Prescott while playing in MLB All-Star Game

    Bryce Harper asks about Dak Prescott while playing in MLB All-Star Game

    Given Bill Belichick passing here, it's clear just about no one saw the reigning Offensive Rookie of the Year coming. Dak Prescott and Ezekiel Elliott became part of Tuesday night's Fox's telecast of the MLB All-Star Game.

    HSBC Holdings PLC (HSBC) Getting Somewhat Favorable Media Coverage, Report Shows

    Finally, Parametric Portfolio Associates LLC boosted its stake in shares of HSBC Holdings PLC by 22.1% in the first quarter. As of the end of the quarter Proficio Capital Partners LLC had acquired 1,840 shares growing its holdings by 41.0%.
    Has Love Island legend Iain Stirling found love with this TV star?

    Has Love Island legend Iain Stirling found love with this TV star?

    According to pals the pair are "very much in love" after their relationship blossomed shortly after meeting. TV presenter Laura Whitmore is reportedly dating Love Island's voiceover man Iain Stirling.
  • Street Fighter IV: Champion Edition debuts on iOS

    Street Fighter IV: Champion Edition debuts on iOS

    Players can choose from between 25 different characters, including combatants such as Dudley, Poison, and Ibuki. Gamers have been playing Street Fighter across all sorts of platforms and consoles over the years .
    Ulta Beauty, Inc. (NASDAQ:ULTA) Ducks Under The Trend Line

    Ulta Beauty, Inc. (NASDAQ:ULTA) Ducks Under The Trend Line

    Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Chicago Equity Ptnrs Limited Liability Company stated it has 0.02% of its portfolio in Ulta Beauty Inc (NASDAQ: ULTA ).
    Former President Lula da Silva Convicted of Corruption

    Former President Lula da Silva Convicted of Corruption

    Brazilian markets are rallying as this is seen as lessening the chances Lula could contend for the presidency in 2018. Ex-president Luiz Inacio Lula da Silva today was sentenced to almost 10 years in prison on corruption charges.