Merrill Lynch salesman describes shock, anger after Shkreli lost $7 million for Merrill on short trade and then threatens firm if it tries to collect
CNBC, 5 July 2017
A Merrill Lynch salesman Wednesday described his shock at learning in February 2011 that Martin Shkreli’s hedge fund was unable cover a short trade that left Merrill Lynch with a $7 million loss a day after assuring the firm the trade could be covered.
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How Martin Shkreli Allegedly Created a ‘Ponzi Scheme’ With Biotech Stocks
Fortune, 17 December 2015
After racking up losses while running hedge fund firm MSMB Capital Management, which made bets against biotech stocks, Shkreli formed a biotech company of his own called Retrophin (RTRX) in 2011. He effectively used the company as his own personal piggybank to pay back his and the MSMB funds’ debts, according to the charges brought by the FBI and a separate SEC complaint.
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