CEO Martin Shkreli fires his legal team in fraud case

Martin Shkreli

Former pharmaceuticals CEO and hedge fund manager Martin Shkreli has fired his legal counsel and plans to hire a new legal team to defend him against charges that he defrauded investors at his former hedge fund and a pharmaceutical company he headed.

Defense lawyers from the law firm Arnold & Porter said in court papers filed on Monday in Brooklyn federal court that Shkreli indicated he wished to replace them and was in the process of retaining new representation.

The filing did not cite a reason for the change in representation and his former lawyers have not respond to requests for comment.

Shkreli is best known for purchasing a drug used to help AIDS patients and then raising the price of that 60+ year old drug by 5,000%.

Despite his recent charges, Martin Shkreli can often be seen on Twitter, live-streaming on YouTube, and even taking media interview.

The outspoken investor says federal prosecutors are unfairly targeting him with a “fictitious” case over anger caused by his drugs price increase.

 

Shkreli pleaded not guilty last month to charges that he ran his companies like a Ponzi scheme, using each subsequent company to pay off defrauded investors from a prior company.

His arrest forced the investor to step down as chief executive of Turing Pharmaceuticals and he was later fired as chief executive of KaloBios Pharmaceuticals. KaloBios also filed for bankruptcy.

A hearing for Shkreli’s case was scheduled for Wednesday, although that date may be pushed back.

“We respectfully request a two-week continuance of the scheduled conference so that Mr. Shkreli can finalize his engagement of new counsel and we can properly transition the matter to the new attorneys,” wrote the lawyers, Marcus Asner and Baruch Weiss.