Pharma exec Shkreli pleads not guilty to securities fraud

AP News
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Posted: Jun 06, 2016 5:03 PM
Pharma exec Shkreli pleads not guilty to securities fraud

NEW YORK (AP) — A pharmaceutical executive who came under fire for jacking up the price of a lifesaving malaria medication has pleaded not guilty to new charges in his securities fraud case.

Martin Shkreli (SHKREHL'-ee) appeared Monday in federal court in New York City. He declined to speak to reporters as he left the courthouse.

A revised indictment filed last week alleged Shkreli and his former attorney Evan Greebel schemed to defrauded potential investors of his former drug company Retrophin Inc., based in San Diego. Greebel also pleaded not guilty Monday.

Before his arrest, Shkreli already was reviled because another drug company he owned raised the price of Daraprim by 5,000 percent.

Shkreli's attorney has said the securities fraud prosecution is based on a "flawed theory."

A trial is expected early next year.