Martin Shkreli Puts Up $45 Million E*Trade Account To Cover $5 Million Bailout

Martin Shkreli put up his $45 million E*Trade Financial Corp ETFCaccount to secure his $5 million bail, according to a filing released Thursday.

The former biopharma executive was ordered to disclose how the $5 million bond was secured. "E*Trade has been ordered to notify prosecutors if the balance of the brokerage account dips below $5 million – which would jeopardize the bail bond and Shkreli"s freedom," the New York Daily News said.

The publication also pointed out that Shkreli has been directed not to liquidate that brokerage account.

Shkreli was arrested last month and charged with securities fraud during his time as CEO of

Retrophin Inc RTRX

At that time

, U.S. Attorney Robert L. Capers told reporters that Shkreli "engaged in multiple schemes to ensnare investors through a web of lies and deceit [...] His plots were matched only by efforts to conceal the fraud, which led him to operate his companies…as a Ponzi scheme."

He faces seven counts relating to the indictment.

Within a few days, Shkreli was terminated as CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc KBIO, the latter of which he "saved" in November. KaloBios had been halted since December 17, the day of Shkreli's arrest. The company filed for bankruptcy on December 30.

Shkreli has been in the news in a very unflattering way since September 2015, when he raised the price of a potentially life-saving drug from $13.50 to $750.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Martin Shkreli Puts Up $45 Million E*Trade Account To Cover $5 Million Bailout

Comments