Bad-boy ex-pharma CEO Martin Shkreli calls fraud charges ‘baseless’

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK — Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are “baseless and without merit.”

Shkreli tweeted Saturday: “I am confident I will prevail.”

The 32-year-old former hedge fund manager pleaded not guilty Thursday in Brooklyn federal court and was released on $5 million bail.

Shkreli was charged with securities fraud and conspiracy. Prosecutors say from 2009 to 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted a pharmaceutical company where he was CEO for $11 million to pay back his disgruntled clients.

Shkreli was already widely reviled because a drug company he founded raised the price of a life-saving drug from $13.50 to $750 per pill. He resigned as the company’s CEO on Friday.