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Shkreli vows to beat fraud charges

Bailed ex-pharmaceutical company CEO Martin Shkreli says he is confident he will beat fraud charges against him.

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Source: AAP


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Bad-boy ex-pharmaceutical company CEO Martin Shkreli says fraud allegations against him are "baseless and without merit".

Shkreli tweeted on 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 $US5 million ($A7 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 $US11 million to pay back his disgruntled clients.

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Shkreli was already widely reviled because a drug company he founded raised the price of a life-saving drug from $US13.50 to $US750 per pill. He resigned as the company's CEO on Friday.


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