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Pharma CEO Martin Shkreli Calls Fraud Accusations 'Baseless' in Tweet

by Elisha Fieldstadt /

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Disgraced pharma magnate Martin Shkreli defaulted to his defense-by-Twitter ways on Saturday to label allegations of fraud lobbed against him as "baseless and without merit."

Shkreli, 32, was arrested Thursday by the FBI on seven counts related to "widespread" securities fraud through a hedge fund and drug company he once ran.

An indictment said Shkreli and others orchestrated three interrelated scams from September 2009 through September 2014. Federal prosecutors allege that he illegally used assets from a biopharmaceutical company that he founded, Retrophin Inc., to pay off debts from a hedge fund he also managed — "like a Ponzi scheme."

Retrophin had previously sued Shkreli in federal court for $65 million, claiming he had used his control over Retrophin to pad his bank account and bring his hedge fund into the black.

Shkreli — known for his blustery personality — tweeted Saturday that he will triumph.

Shkreli is no stranger to public scrutiny. Earlier this year, he similarly turned to Twitter to defend himself after he was dubbed "the most hated man in America" when he announced raising the price of an HIV-related drug by 5,000 percent.

Shkreli has also used his Twitter account to thank his supporters and post articles about himself since he posted a $5 million bond Thursday and resigned from his CEO post at drugmaker Turing Pharmaceuticals.

On Friday, he live-streamed more than three hours of his mundane evening in his New York apartment, where he spent chatting with some of the hundreds of curious people who tuned in.

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