Drugmaker Raises The Price Of Vitamins By 800%, Makes Shkreli Blush

Avondale, a secretive Alabama-based drugmaker, has gained unwanted national attention after the company increased the price of a bottle of vitamins to almost $300 that can be bought on the internet for $5.

In the latest example of price-gouging in America’s lightly regulated pharmaceutical industry, records show Avondale inflated the price of Niacor, a prescription-only version of niacin, by “809 percent last month, taking a bottle of 100 tablets from $32.46 to $295”, according to the Financial Times.

Niacor is the prescription form of niacin, a type of vitamin B3 that is used to treat high cholesterol and the increased risk of a heart attack. With one easy search on Google, a generic version of Niacor can be bought for $5.75 on Jet.com - meanwhile, if the consumer wants the prescription brand, well, they might have to sell their Apple Watch.

Avondale’s development of price-gouging is certainly bad timing on management’s behalf when considering Martin Shkreli, who in the past year has become the most hated man in America after he bought the rights to a drug, then raised prices by 5,500 percent. In the world of Big Pharma, buy-and-raise schemes are not limited to just Shkreli, but it’s rampant across the industry, such as Valeant Pharmaceuticals who has been accused of raising drug prices by more than 5,000 percent.

The Financial Times said Avondale acquired the rights to Niacor from Upsher Smith, a division of Japan’s Sawai Pharmaceutical, earlier this year. The buy-and-raise scheme was immediately applied to Niacor, as management faced little or no competition among other drugmakers, along with limited government regulation.

Niacor isn’t the first time the company inflated drug prices, management “increased the price of SSKI by 2,469 percent, taking a 30ml bottle from $11.48 to $295,” according to the Financial Times.

According to the data provider Iqvia, there were almost 19,000 prescriptions written for Niacor in 2016. Niacor has been described as a drug with a fast absorption rate, making it popular with the medical community. Most people are oblivious to the sharp increase of Niacor, because of the secrecy surrounding drug prices are not usually disclosed to the public.

Michael Rea, chief executive of Rx Savings said, “this is the latest example of an inefficient US market where the consumer, payer and doctor don’t have all of the information available to make a financially sound choice, which makes software to help cut what people spend on medicine.”

He warned: “They are caught in a web of inefficiency and are being taken advantage of.”

FT could not get in contact with anyone associated with Avondale, which was started in 2016 by Mark Pugh, an executive behind several pharmaceutical companies. A spokesman from Upsher confirmed the sale of products to Avondale, but could not provide further information on the price increase.

Mr Pugh has held several executive roles in the drugmaking industry, sometimes at companies that have implemented very sharp price increases. A 2014 biography says he has “more than 20 years of industry experience” and a “documented record of success in identifying and capturing new business opportunities to build high-profit, high-growth corporations”.

 

Acrogen did not return a request for comment made through its website. Emails to the company were returned undelivered. Mr Pugh did not respond to a request for comment through LinkedIn.

 

A spokesperson for Upsher confirmed it had sold the two products to Avondale, but declined to make the terms of the deal public and did not explain why it did not announce the transaction at the time.

 

It declined to say whether it continues to manufacture the product on behalf of Avondale, or whether it was aware the new owner planned to raise the price sharply.  

Avondale only has a small window of opportunity to exploit inflated drug prices, as President Trump back in October said, “Prescription drug prices are out of control” (see: Healthcare Stocks Slide After Trump Says “Drug Prices Out Of Control.)

Trial Of Shkreli Lawyer Interrupted By "Potentially Career-Ending" Allegations About Prosecutor

The ongoing legal drama of former pharmaceutical CEO Martin Shkreli and his one-time lawyer (and alleged co-conspirator) just keeps getting weirder.

On Thursday, CNBC reported that the trial of Evan Greebel, a lawyer accused of helping Shkreli loot his pharmaceutical company Retrophin, has been temporarily put on hold after “potentially career-ending allegations” about a government official involved in both Shkreli’s and Greebel’s prosecution reportedly were raised by Greebel’s attorneys.

The allegations, first reported by the online legal publication Law 360, were raised Wednesday in Brooklyn, New York, federal court, where Greebel is on trial. Shkreli was convicted of three out of eight fraud counts in a separate trial over the summer.

Law 360 reported that Greebel"s trial "came to a screeching halt" Wednesday during testimony by Steven Rosenfeld, an investor in both Retrophin and one of Shkreli"s hedge funds and one of the people who was purportedly offered a fraudulent consulting agreement as a form of compensation for his losses in Shkreli’s hedge fund.

It’s unclear exactly what Rosenfeld said. Here’s how events unfolded, according to CNBC.

Law 360 reported that Greebel"s trial "came to a screeching halt" Wednesday during testimony by Steven Rosenfeld, an investor in both Retrophin and one of Shkreli"s hedge funds.

 

Rosenfeld, a non-practicing doctor called to the witness stand by Greebel"s lawyer, was reportedly being asked about what happened in 2015 when FBI agents visited his home to ask about a consulting agreement he had with Retrophin.

 

Shkreli and Greebel were accused of using bogus consulting agreements by Retrophin with investors in Shkreli"s hedge fund to repay them for their losses — but Rosenfeld claims he did actual work under the agreement.

 

According to Law 360, Rosenfeld testified he asked the FBI if he could call his attorney. A prosecutor then objected to that line of questioning.

 

That objection led to a lengthy discussion with prosecutors, defense lawyers and Judge Kiyo Matsumoto out of the earshot of jurors and observers in the courtroom.

 

Another long sidebar conference followed after Greebel"s lawyer Randy Mastro asked Rosenfeld who had attended a subsequent meeting he had with government officials, Law 360 reported.

 

Matsumoto reportedly sent jurors home for the day early. She then ordered prosecutors and defense lawyers to file sealed legal briefs "on what she described as "potentially career-ending allegations" made by the defense," according to Law 360.

 

Matsumoto said the briefs should address the question of whether statements made by federal prosecutors outside a courtroom are admissible as evidence in a case.

Assistant US Attorney David Pitluck, one of the prosecutors in Greebel"s case, said in court that the allegations raised by the defense are "very serious,” but there still haven’t been any clues as to exactly what those allegations are.
Greebel"s lawyers, in a letter to the judge filed Wednesday, wrote that statements made to Rosenfeld by government officials should be allowed into evidence "to show why Dr. Rosenfeld would have felt motivated to cooperate with the government and to provide context for what he knew in subsequent meetings."

Shkreli, who was found guilty over the summer, is awaiting sentencing at a federal jail in Brooklyn that is also home to Mexican drug lord El Chapo. His bail was revoked – while his $2 million bail was withheld – following a Facebook post offering a reward for a strand of Hillary Clinton’s hair that prosecutors successfully argued was essentially a threat. It’s unclear whether these allegations could also help Shkreli secure his freedom. He is to be sentenced in January.
 

Martin Shkreli May Need To Forfeit Wu-Tang Clan Album

The Brooklyn prosecutors who won a guity verdict against former pharmaceutical CEO Martin Shkreli over the summer are demanding the “Most Hated Man in America” forfeit $7.4 million in cash and assets as part of his punishment.

In order to do this, Bloomberg says Shkreli will likely need to surrender the $5 million bail he posted in late 2015, and the one-of-a-kind Wu Tang Clan album he purchased for more than $2 million shortly before his former company, Turing Pharmaceuticals, was exposed for hiking the price of Daraprim, a live-saving AIDS drug, by 5,000%.

Shkreli tried to sell the album on eBay back in September. He managed to secure a winning bid of more than $1 million, but was abruptly jailed before he could work out the details with the winning bidder. Prosecutors asked that Shkreli’s bail be revoked after he published messages about Hillary Clinton that prosecutors felt were threatening in nature. Shkreli maintained that they were satirical.

Shkreli was convicted in August on three counts of fraud related to a scheme where he tried to make investors in his two failed hedge funds whole by hiring them as “consultants” at Retrophin, the pharmaceutical company Shkreli founded before Turing.

In their filing, the prosecutors list assets they could possibly take. Among them are the Wu-Tang Clan album, a Picasso painting, an Enigma machine from World War II, and Shkreli’s remaining interest in Turing.

Long before his conviction, Shkreli’s purchase of the album sparked outrage among music fans. The former biotech CEO played short excerpts while live-streaming himself in his Manhattan apartment after President Donald Trump’s election and his conviction. These are the only known instances where the album was heard publicly. Furthermore, some Wu Tang associates have raised doubts about whether the album is a true Wu-Tang release.

"We will vigorously oppose the government motion," Shkreli’s lawyer, Benjamin Brafman, said in an email. "Our position is clear. None of the investors lost any money and Martin did not personally benefit from any of the counts of conviction. Accordingly, forfeiture of any assets is not an appropriate remedy."

Shkreli Lawyer Distances Himself From "Most Hated Man In America" As Trial Begins

While former Turing Pharmaceuticals CEO Martin Shkreli languishes inside a federal jail in Brooklyn, the trial of his former attorney - and alleged co-conspirator - Evan Greebel is just beginning, with the defense and prosecution giving opening statements Friday.

The timing is unfortunate. Shrekli’s trial - which ended in him being convicted of three out of eight counts of fraud - briefly revived the public rancor over his many misdeeds. Given Shkreli’s toxic public image, it comes as no surprise that Greebel’s lawyers are already seeking to distance their client - who was arrested on the same day as Shkreli and whose picture was splashed across cable news networks alongside Shkreli’s - from the disgraced pharma executive, who was jailed last month after a judge revoked his bail following a series of controversial and vaguely threatening Facebook posts, Bloomberg reported.

As many will remember, Shkreli’s comfortable life as a successful young pharmaceutical CEO began to unravel in September 2015 when the New York Times reported that Turing had hiked the price of a life-saving toxoplasmosis drug by 5,000%, thrusting Shkreli into an uncomfortable public spotlight and drawing a public rebuke from Hillary Clinton, then presumed to be the next president of the United States.

Following his indictment, Shkreli seemingly set out to destroy any lingering public sympathy by antagonizing the federal government and harassing female journalists - actions that ultimately led to his jailing. Prosecutors have accused Greebel of helping Shkreli steal $11 million from Retrophin, a pharmaceutical company Shkreli founded and ran before being forced out in 2014. Greebel was terminated as Retrophin’s counsel soon after.

Shkreli allegedly used the money, along with Retrophin stock, to repay investors in two failed hedge funds by signing them on to sham consulting agreements with salaries and stock grants. Greebel is also accused of helping Shkreli manipulate the price of Retrophin stock.

Fortunately for Greebel’s defense team, their client has a somewhat more resepectable public image than his associate. He has a family and was once a partner at Katten Muchin Rosenman LLP and Kaye Scholer LLP. They’re essentially trying to sell a narrative of him being a quiet family man who got in over his head.

In opening statements on Friday, Greebel’s lawyer told jurors that the 44-year-old father of three and Shkreli, a former biotech executive notorious for aggressive drug-pricing tactics, were as "different as two people can be." Greebel was by no means Shkreli’s "right-hand man," defense lawyer Reed Brodsky told jurors at the trial in Brooklyn, New York.

 

Greebel “lived a quiet life,” Brodsky said, while Shkreli was "cultivating this public personality and persona, blogging and tweeting.”

 

It’s no mystery why Greebel, a former corporate lawyer, would want to separate himself from Shkreli, who is in jail after his conviction for lying to hedge fund investors (although jurors weren’t told about that). Greebel wants to show that Shkreli lied to him as well, and that Greebel had no reason to believe he was being asked to do anything wrong.

 

"Mr. Shkreli is kind of a contradiction," Brodsky said, arguing that Shkreli managed to con people with his "image" of success, brilliant ideas and "photographic memory."

Meanwhile, prosecutors allege he knowingly helped Shkreli loot his company and manipulate its share price for profit.

In the government’s opening statement, Assistant U.S. Attorney David Kessler said Greebel started working for Shkreli’s companies around 2011 and used his legal talents to aid Shkreli’s fraud. Kessler said Greebel wanted to please Shkreli to make millions of dollars in fees for his firm.

 

"Agreeing to help the CEO of a company steal from the company is a crime," Kessler said. "Agreeing to help illegally control the stock market is a crime."

As Bloomberg noted, Greebel’s demeanor in court couldn’t have differed more from Shkreli’s. He sat quietly by his defense team, smiling briefly but otherwise remaining expressionless.

Meanwhile, Shkreli’s was on the receiving end of more bad news this week when a Brooklyn judge refused to return his $5 million bond, saying the money might be needed to offset any monetary penalties that may be levied against Shkreli, the New York Post reported.

Shkreli’s lawyer Ben Brafman asked her to release the money so his client — No. 14 on New York state’s list of top delinquent taxpayers — can start paying taxes.
 

New "Wu Tang Coin" Raises Money To Buy Martin Shkreli's Copy Of "Once Upon A Time In Shaolin"

In the latest sign that the market for initial coin offerings has probably peaked, Bloomberg is reporting that a company is planning to launch an ICO with the explicit goal of raising enough money to purchase the only extant copy of “Once Upon A Time In Shaolin”, the rare Wu Tang Clan record and current record holder for most expensive single album ever sold. Martin Shkreli once paid $2 million for the record.

Behold Wu-Tang Coin, the digital token at the heart of a purported ICO whose sole purpose is to raise money to buy and publicly release the Wu-Tang Clan album that convicted fraudster Martin Shkreli once spent $2 million on.

The coin launched Monday, according to its Twitter account, which has a whopping 13 followers. Rare Music Ltd., the company behind the efforts, is seeking to raise $3 million to $4 million, according to a white paper listed on the internet. Because of its decentralized nature, the creators of Wu Tang Coin claimed in a White Paper that an ICO would be able to circumvent legal restrictions barring the owner from publicly releasing the album for commercial purposes until the year 2,103.

The goal of the project is to release the album for free on the internet. The company says coin holders will be compensated with "gifts" to incentize participation.

A straightforward purchase of the album by a music company would be pointless because the album cannot be “commercially exploited” in a reasonable amount of time. Therefore,
we propose to:

1. Raise funds via an ICO and attempt to negotiate a purchase with the album’s current owner.

2. Give Wu-Tang Coin donors to the ICO (i.e. owners of Wu-Tang Coin) gifts to incentivize participation.

3. Release the album on all free and paid streaming music sites after a short amnesty period (six months) designed to give owners of Wu-Tang Coin time to enjoy the album exclusively, before everyone else.

As we reported earlier this month, the ownership of the Wu Tang album is in doubt after Shkreli sold the album on eBay for just over $1 million – about half what he paid for it in late 2015, shortly before being labeled “the most hated man in America” after his former company, Turing Pharmaceuticals, raised the price of Toxoplasmosis drug Daraprim by 5,000%.

After being convicted on three counts of securities and wire fraud after the conclusion of a month-long trial in Brooklyn Federal Court, Shkreli"s bail was revoked shortly before the auction ended and he was sent to a notorious federal jail in Brooklyn to await his sentencing in January. Prosecutors asked that his bail be revoked after a published what he described as a satirical post saying he would pay a $5,000 bounty for a strand of Hillary Clinton"s hair. It"s unclear what will happen with the Wu Tang album.

Read the White Paper in full below:

Wu-Tang+Coin+whitepaper+v1.0.0 by zerohedge on Scribd

Shkreli Going To Jail After Judge Revokes Bail

“The most hated man in America” is going to prison over a joke.

Late Wednesday, Brooklyn Judge Kiyo Matsumoto ordered that former Turing Pharmaceuticals CEO Martin Shkreli’s bail be revoked after prosecutors claimed that a Facebook post published by Shkreli on Sept. 4 was tantamount to an invitation to assault on Hillary Clinton during her upcoming book tour. In a letter demanding a bail hearing, the former hedge fund manager was described as a “threat to the community.”

Matsumoto, who presided over Shkreli’s trial which resulted in convictions on three out of eight counts of wire and securities fraud, said she would not be swayed by the defense’s argument that the post was a harmless joke and that Shkreli didn’t intend to harm anybody. Instead, the Judge revoked Shkreli’s $5 million bail and ordered him directly remanded to jail pending his sentencing, according to the Daily News. No date has been set for his sentencing.

Shkreli told the judge, prosecutors and secret service agents who asked to interview him about the post that it was intended as satire. In the original post, Shkreli offered $5,000 for a strand of Hillary Clinton’s hair, claiming that he would have a DNA analysis done to confirm “that the Clinton Foundation is willing to KILL to protect its secrets.”

See the post in question below:

Since being unceremoniously thrust into the public eye in late 2015 when he was labeled “the most hated man in the world” after his company, Turing Pharmaceuticals, hiked the price of Daraprim, a drug that treats toxoplasmosis, by 5,000%, Shkreli has made a habit of publicly antagonizing lawmakers, prosecutors and judges. True to form, Shkreli took to Facebook to blast prosecutors immediately after the hearing.

Notably, Shkreli is being thrown in jail one day before the close of Shkreli’s auction of the only copy of the Wu-Tang Clan “Once Upon A Time In Shaolin” which he purchased for $2 million in 2015. Bidding has topped out at $1 million in recent days.

In their initial request, prosecutors tried to paint Shkreli as a serial harasser of women, citing his ban from Twitter earlier this year, allegedly for harassing Lauren Duca, a freelance writer who had authored an opinion essay that criticized President-elect Trump. The day before his verdict, Shkreli wrote in a Facebook post: "trial"s over tomorrow, b****. Then if I"m acquitted, I get to f*** Lauren Duca."

Shkreli edited the Facebook post after it was first reported in the media, clarifying that the post was meant as satire. Though he says he agrees with Democratic policies, Shkreli sided with President Donald Trump during the election after expressing a frustration with PC culture.

In his sentencing, Shkreli could face as much as 20 years in prison, and although a much shorter sentence - if any - had been expected, today"s latest snafu may have just cost Martin dearly.

U.S. Wants Shkreli Jailed After Offer Of Clinton Hair Bounty

Martin Shkreli might not be able to sell that Wu Tang Clan album after Federal prosecutors late Thursday moved to revoke his bail, claiming that the former pharmaceutical company CEO and purported “most hated man in the world” repeatedly threatened and harassed former secretary of state Hillary Clinton on line.

Specifically, the Feds were incensed by what Shkreli says was intended to be a humorous post on his Facebook page offering a $5,000 bounty to anyone who could “grab” some of Clinton’s hair for him during her upcoming book tour.

"Shkreli"s latest threat is concerning not only because it has required a significant expenditure of resources by the United States Secret Service, which is charged with protecting Secretary Clinton, but also because there is a significant risk that one of his many social media followers or others who learn of his offers through the media will take his statements seriously — as has happened previously — and act on them," prosecutors wrote in a legal motion.”

US District Court Judge Kiyo Matsumoto, who presided over Shkreli’s trial which ended in him being convicted on three of eight counts of securities fraud-related offenses, ordered his legal team to file a response. She scheduled a Sept. 14 hearing for legal arguments on the issue.

Here"s the post in question:

True to form, Shkreli trolled prosecutors in response published to his Facebook page: "Hillary Cliinton"s presumptive agents are hard at work. It was just a prank, bro! But still, lock HER up. Spend your resources investigating her, not me!!"

According to USA Today, prosecutors also said Shkreli had continued to harass journalist Lauren Duca.

Shkreli had previously been banned from Twitter earlier this year, allegedly for harassing Duca, a freelance writer who had authored an opinion essay that criticized President-elect Trump. The day before his verdict, Shkreli wrote in a Facebook post: "trial"s over tomorrow, b****. Then if I"m acquitted, I get to f*** Lauren Duca."

Secret Service agents sought to question Shkreki about his post, but he declined to meet with them, prosecutors wrote.

In what sounds to us like they’re reaching for justification, prosecutors cited a USA Today story recounting how a graduate student solved a complex mathematical proof after Shkreli offered a $40,000 scholarship to anyone who could.

"Shkreli"s own prior actions, and his influence over others who have previously acted in reliance on his statements, demonstrate why the government views his latest actions with concern," prosecutors concluded in their bail revocation motion.

According to Bloomberg, Shkreli edited the Facebook post, saying it was "satire, meant for humor” after it was reported in the media.

His lawyer, Benjamin Brafman, said that while Shkreli’s posts may have been “inappropriate,” his client didn’t intend to harm anybody.

“We take the matter seriously and intend to address the issue responsibly,” Benjamin Brafman, a lawyer for Shkreli, said in an email Thursday night. “However inappropriate some of Mr Shkreli’s postings may have been, we do not believe that he intended harm and do not believe that he poses a danger to the community.”

Is it really any surprise that federal prosecutors in Brooklyn, where Hillary Clinton’s presidential campaign was based and where Clinton friend (co-conspirator?) and former Attorney General Loretta Lynch once served as US attorney, are unwilling to let a joke about Clinton slide? Even if Shkreli remains free, the complaint is sure to cost him tens of thousands more in legal fees. Perhaps that"s the ultimate goal.
 

"He's A Greedy Little Man" And A "Snake" - Transcripts Of Shkreli Jury Hearings Emerge

Martin Shkreli’s lawyers reportedly had to interview more than 250 prospective jurors before agreeing on 12. At the time, media reports hinted at some of the funnier reasons given by prospective jurors to get out of serving (one individual said he was biased against Shkreli because he had “disrespected the Wu Tang Clan"). Ultimately, the jury found the former hedge fund manager and pharmaceutical company CEO guilty on three out of eight counts of fraud.

Now, Harper’s Magazine has published transcripts from the Voir Dire hearings. The transcripts offer insight into how the trial of "the most hated man in America" came together. In most cases, the prospective juror offers some version of "he"s terrible" and is promptly excused.

When asked if he was aware of the defendant, one juror said yes and “I hate him,” before calling Shkreli “a greedy little man.”

“The court: The purpose of jury selection is to ensure fairness and impartiality in this case. If you think that you could not be fair and impartial, it is your duty to tell me. All right. Juror Number 1.

Juror no. 1: I’m aware of the defendant and I hate him.

Benjamin Brafman: I’m sorry.

Juror no. 1: I think he’s a greedy little man.

The court: Jurors are obligated to decide the case based only on the evidence. Do you agree?

Juror no. 1: I don’t know if I could. I wouldn’t want me on this jury.

The court: Juror Number 1 is excused. Juror Number 18.”

One guy said he felt biased against Shkreli as soon as he saw his face.

“Juror no. 40: I’m taking prescription medication. I would be upset if it went up by a thousand percent. I saw the testimony on TV to Congress and I saw his face on the news last night. By the time I came in and sat down and he turned around, I felt immediately I was biased.

The court: Sir, we are going to excuse you. Juror Number 47, please come up.”

Another juror equated Shkreli with Bernie Madoff who, let’s remember, stole $70 billion from his clients.

“Juror no. 47: He’s the most hated man in America. In my opinion, he equates with Bernie Madoff with the drugs for pregnant women going from $15 to $750. My parents are in their eighties. They’re struggling to pay for their medication. My mother was telling me yesterday how my father’s cancer drug is $9,000 a month.

The court: The case is going to come before you on evidence that you must consider fairly and with an open mind.

Juror no. 47: I would find that difficult.

The court: And that’s based on your parents’ experience with medication?

Juror no. 47: It’s based on people working very hard for their money. He defrauded his company and his investors, and that’s not right.

The court: Ma’am, we’re going to excuse you. Juror Number 52, how are you?”

One guy said he didn’t know who Shkreli was, but after taking one look at him said he looks like a "snake."

“Juror no. 52: When I walked in here today I looked at him, and in my head, that’s a snake — not knowing who he was. I just walked in and looked right at him and that’s a snake.

Brafman: So much for the presumption of innocence.

The court: We will excuse Juror Number 52. Juror Number 67?”

One prospective juror said he’d “never be able to forget” how Shkreli raised the price of Daraprim.

"Juror no. 67: The fact that he raised the price of that AIDS medication, like, such an amount of money disgusts me. I don’t think I’ll ever be able to forget that. Who does that, puts profit and self-interest ahead of anything else? So it’s not a far stretch that he could do what he’s accused of.

The court: Please go to the jury room and tell them you have been excused. Juror Number 70.”

One person described Shkreli as “the face of corporate greed in America," and that he"d need to be convinced of his innocence because he assumes Shkreli is guilty.

“Juror no. 77: From everything I’ve seen on the news, everything I’ve read, I believe the defendant is the face of corporate greed in America.

Brafman: We would object.

Juror no. 77: You’d have to convince me he was innocent rather than guilty.

The court: I will excuse this juror. Hello, Juror Number 125.”

Juror number 144 said Shkreli “looks like a dick.”

“Juror no. 144: I heard through the news of how the defendant changed the price of a pill by up-selling it. I heard he bought an album from the Wu-Tang Clan for a million dollars.

The court: The question is, have you heard anything that would affect your ability to decide this case with an open mind. Can you do that?

Juror no. 144: I don’t think I can because he kind of looks like a dick.

The court: You are Juror Number 144 and we will excuse you. Come forward, Juror Number 155.”

One juror said he couldn’t understand whether Shkreli was stupid, or just greedy.

“Juror no. 28: I don’t like this person at all. I just can’t understand why he would be so stupid as to take an antibiotic which H.I.V. people need and jack it up five thousand percent. I would honestly, like, seriously like to go over there.

The court: Sir, thank you.

Juror no. 28: Is he stupid or greedy? I can’t understand.

The court: We will excuse you. Juror 41, are you coming up?”

Shkreli is totally guilty, another juror said…and he disrespected the Wu Tang Clan.

“Juror no. 59: Your Honor, totally he is guilty and in no way can I let him slide out of anything because...

The court: All right. We are going to excuse you, sir.

Juror no. 59: And he disrespected the Wu-Tang Clan.”

While no date has been set, Shkreli is expected to be sentenced by federal judge Kiya Matsumoto some time during the coming months. Though Shkreli said on one of his post-trial livestreams that he expects to only serve a few months, possibly under house arrest. But legal experts believe that the sentencing is when Shkreli’s past demons will come back to haunt him in the form of a lengthy stay in federal prison. He could also be on the hook for millions of dollars in fines. After all, Shkreli has mocked not only the Brooklyn prosecutors who tried him, but members of Congress. It wouldn’t exactly look like a prosecutorial victory if they just let him walk away.
 

Judge Halts Shkreli Trial

The trial of former Turing Pharmaceuticals CEO Martin Shkreli has been temporarily halted by Judge Kiyo Matsumoto after Shkreli’s lawyer objected emphatically as the prosecution planned to show jurors documents it claims are evidence of fraud committed by Shkreli, without calling witnesses to back them up, according to CNBC.

The documents allegedly detail payments that Shkreli"s drug company made to investors in two hedge funds he ran, as well as supposedly bogus consulting agreements he signed with some of his former investors entitling them to a salary and shares in Retrophin, a pharmaceutical company he co-founded and briefly led, according to CNBC. Jurors were given the rest of Wednesday off, as well as Thursday, to allow both the defense and prosecution time to file legal briefs on their arguments for and against requiring witnesses for the relevant documents. Testimony is expected to resume Friday, CNBC reported.
Benjamin Brafman, the celebrity defense attorney representing Shkreli, said denying him the opportunity to cross examine people involved with the documents would be tantamount to denying Shkreli his constitutional right to confront witnesses against him.

The documents included settlement agreements that Shkreli reached with investors at two of his hedge funds, as well as consulting agreements with some of those investors. Among the settlement agreements in dispute Wednesday included the terms of what investors received from Retrophin in exchange for dropping any claims against Shkreli and his hedge funds.

Shkreli is facing eight counts of wire and securities fraud stemming from his brief stint as a hedge-fund manager. Specifically, the prosecution is examining communications between Shkreli and several former investors in his fund for evidence Shkreli misled them about his qualifications, investment returns and other details like his investing track record and the amount of money he managed.  The prosecution also alleges that Shkreli falsified documents and backdated payments to corroborate his lies. Finally, prosecutors claim Shkreli defrauded Retrophin, which he founded in late 2012 just as his career as a money manager, CNBC reported.

Many of the witnesses called by the prosecution so far have described feeling betrayed by Shkreli. Some described Shkreli’s repeated evasions – he allegedly told one witness that he was “too busy” to give him his money back after starting Retrophin. Judging by the witnesses who’ve testified so far, it appears that many of Shkreli’s investors were small business owners who had invested between $100,000 and $300,000. After several investors threatened to sue, Shkreli allegedly offered to repay them using Retrophin’s resources. In addition to criticizing Shkreli for his dishonesty and strange behavior, many of the witnesses also admitted that they ultimately made money investing with Shkreli.

Matsumoto, the judge, indicated that she was sympathetic to the defense"s argument that settlement and consulting agreements should only be shown to jurors if a person who received those agreements takes the witness stand.

"I do think the fundamental right to confront the witnesses and question the witnesses is important," Matsumoto said.

If prosecutors are allowed to introduce the documents to jurors without calling related witnesses, they could rest their case soon. The trial began late last month, and is expected to last as long as six weeks. But if Matsumoto bars that method, prosecutors could be forced to call additional witness stand, meaning they would be unlikely to rest their case until next week sometime.

Shkreli Told Investors He Had Millions Under Management When His Fund Was Broke

The prosecution has continued to call witnesses and show evidence in the trial of Martin Shkreli, providing the jury with documents to prove that Shkreli mislead investors by telling them he was managing $100 million when his fund had a balance of negative 33 cents in its prime brokerage account.

Another witness and former Shkreli investor told the jury how couldn’t tell if Shkreli’s flirts were genuine, or if the “Pharma Bro” really did have feelings for him.

According to the New York Daily News, Steven Richardson — a man who told Brooklyn federal jurors he’s had a domestic partner for 25 years — testified Tuesday he wondered if Shkreli’s quips about hookups and sex were just ploys to strike a rapport with the 63-year-old investor.

It got to the point that Richardson had to have a March 2010 talk with Shkreli, 34. After cocktails at Richardson’s Chelsea apartment, he said he sat Shkreli down on his bed. “I said, ‘Do you have any physical feelings for me?’ He took a second he said, ‘No, I like you a lot but I don’t.’”

Prosecutors also called Dr. Lindsay Rosenwald as a witness to discuss how his $100,000 investment with Shkreli turned out. Rosenwald ended up with Retrophin stock that he ended up selling for between $400,000 and $600,000. He also told a story about when Shkreli awkwardly hit him up about a dating lead. Shkreli allegedly asked Rosenwald if a certain woman was single. He then said he wanted it to be known “there is a handsome young hedge fund millionaire she should be dating.”

Meanwhile, a government accountant called by the prosecution went through bank-account records to try and corroborate the government’s argument. A bank account maintained by one of Martin Shkreli"s hedge funds in July 2011 had a balance of "negative 33 cents" in it, at the same time he was telling investors his funds had tens of millions of dollars under management, an accountant testified Tuesday, according to CNBC.

That accountant also said that an analysis of one of Shkreli"s funds, MSMB Capital Management, showed that it never at any one point had a total of more than $1.2 million in its bank account and brokerage account combined. And the combined balance of a brokerage account and several bank accounts maintained by his other fund, MSMB Healthcare, never topped $1.6 million, Wendy Spaulding, the accountant, testified in Brooklyn, New York, federal court.

The accountant revealed Tuesday that Retrophin, a drug company founded by Shkreli, paid $10,000 for Jay-Z concert tickets at a time when the company had just tens of thousands of dollars in its own bank accounts.

And the accountant testified that records showed more than $1.3 million from Retrophin being transferred to Shkreli"s personal bank account, and another $26,000 being transferred into that account from MSMB Capital.

Spaulding’s testimony could be damning for Shkreli, CNBC noted, because several witnesses have already testified that he told them he was managing between $30 million and $50 million.

Prosecutors also accuse Shkreli of looting Retrophin of money and stock to pay off investors in his hedge funds once they began demanding their money back.

Those investors also have said that Shkreli told them his hedge funds had a balance of long and short positions in publicly traded stocks, and that the funds as a rule did not have more than 10 percent of their investments in any single company.
 

Former Investor Says Shkreli Reminded Him Of "Rain Man"

The prosecution in the trial of former Turing Pharmaceuticals CEO Martin Shkreli called more investors to testify about alleged malfeasance by Shkreli during his time as a hedge-fund manager on Monday. And while two witnesses echoed earlier descriptions of Shkreli being evasive when investors asked for their money, both ultimately admitted that they were paid back with interest.

One corroborated an earlier witness’s claim that Shkreli became evasive when asked to return clients’ money, stalling for more than a year before making investors whole with questionable payouts from Retrophin, the pharmaceutical company he co-founded, as well as grants of Retrophin stock, which is now worth $20 a share.

Another played into the portrayal of Shkreli that defense attorney Benjamin Brafman has sought to sell to the jury: That any liberties taken by Shkreli were ultimately made in good faith, but his clients’ odd behavior and personality quirks at times caused friction between him and his clients.

Schuyler Marshall, chairman of the board of the real estate company Rosewood Corp, said the former drug company executive reminded him of Dustin Hoffman"s autistic character in the movie "Rain Man," according to Reuters. Though Marshall added under cross-examination by Shkreli"s lawyer, Benjamin Brafman, that he was not claiming Shkreli was autistic.

""The reference here was that this was just an intensely focused, bright guy who knew his stuff,"" Marshall told jurors. Hoffman"s character in the 1988 film is an autistic savant with exceptional mental abilities but difficulty relating to other people.

Like other investors who have testified in the trial, Marshall, who invested more than $200,000 in MSMB Capital, said that while Shkreli misled him about the fund"s operations, he did not lose money. At one point, Marshall testified, he even used the phrase "no harm, no foul" in a communication with Shkreli.

"He paid back my investment and then some," Marshall said.”

Shkreli is being tried on eight counts of securities fraud and wire fraud related to his time running two hedge funds, MSMB Capital and MSMB Healthcare, and a pharmaceutical company he founded called Retrophin. In particular, Shkreli has been accused of falsifying investor statements, backdating documents and misleading investors about his record as a fund manager. He also allegedly misstated how much money was in the funds, according to prosecutor G. Karthik Srinivasan, who, in his opening statement, accused Shkreli of being a “con man” who managed to convince his investors that he was “a Wall Street genius.”

Last week, judge Kiyo Matsumoto hit Shkreli with a partial gag order, prohibiting him from talking about his case in or around the Brooklyn courthouse after he went on a rant to reporters gathered there last week. The order leaves him free to speak with journalists and conduct his marathon livestreams on YouTube.  

Another witness on Monday, the seventh day of a trial that’s expected to last for as long as six weeks, was somewhat less charitable.

Richard Kocher, 65, told a Brooklyn federal jury Monday that his construction business saw a deal fall apart while he begged Shkreli to return his investments in a hedge fund, but the former pharmaceutical executive told him he was too busy running his new drug company, according to Bloomberg.

Kocher told the Brooklyn jury that, in one of his first forays into the hedge fund world in early 2012, he put $100,000 into Shkreli’s fund because he was assured investors could get their money back anytime. In May 2012, Kocher said he bailed out the fund, putting in another $100,000 after one of Shkreli’s employees told him it had a shortfall. Shkreli announced in September of 2012 he was closing his funds to focus on Retrophin Inc., but promising customers a full refund or shares in the startup pharmaceutical company.

Kocher pleaded for his money for five months but said he got a “run around” and Shkreli only offered 23,654 shares of Retrophin stock, which at the time he couldn’t sell.

“When you were in trouble and needed $100,000, I wired it over to you the next day,” Kocher wrote Shkreli in a March 2013 email. “I expect to get, in addition to this (insulting) untradable stock” my money back, he wrote.

However, Kocher too was eventually paid back…with interest. Though he says it"s hard to say if he ultimately came out ahead, given the opportunity costs.

“Shkreli eventually returned Kocher’s investments. Kocher also sold the Retrophin stock, after several years, making about $350,000 in total profit. But Kocher said he had to pay a lawyer, lost a business deal and lost time from his business, so he’s not sure if he ended up ahead.”

If convicted, Shkreli could face up to 20 years in prison. He has repeatedly proclaimed his innocence.
 

The Demonization of Martin Shkreli

Remember the terrorist bombing at the 1996 Olympics in Atlanta, Georgia?  If you"ll recall (or follow the link and read), Richard Jewell, the security guard who discovered the backpack containing the bomb, heroically warned people away and prevented it from creating a larger tragedy than the two lives it claimed.  His hero status was short-lived, however, as he became the prime suspect.  With only an accusation, his name was gleefully dragged through the mud by every mainstream news outlet at the time until he was eventually cleared by the FBI.  Though ultimately vindicated,  Jewell"s life was just about ruined.

The US media is always casting heroes and villains in their contrived narratives, packaged and delivered for the consumption of the common American nitwit, many of whom swallow it whole and then follow the lead by piling on in social media forums, twittering and facebooking and generally being the good hapless dupes that they are.   The latest Bad Guy of the week is Martin Shkreli, former CEO of Turing Pharmaceuticals.  As anyone reading this probably already knows, Shkreli has been demonized for buying the rights to an outdated drug, Daraprim, that treats a rare condition called Toxoplasmosis and jacking the price up 5000%.  On the face of it, it sounds absolutely awful.  Martin was excoriated in the public sphere as the worst kind of greedy exploitative capitalist scumbag, accused of holding a captive audience virtually hostage and making them pay a hefty ransom if they wanted to live (Toxoplasmosis is fatal if left untreated).  And Martin did his image no favors, happily donning the costume of the evil caricature that was custom-tailored for him by the American press, a nice bespoke suit of fine villainy.

However, as with every story, there"s much more nuance here than is fathomed by the short-attention-spanned and feeble-minded MSM lapdogs reporting it.  Thanks to the internet--and in this case, Martin"s proclivity to make himself accessible to anyone in the world by way of a series of YouTube livestreams--we can actually get his side of the story.  Let"s investigate.

Martin claims his company, Turing Pharmaceuticals, purchased Daraprim and jacked up its price in order to finance the development of a much more effective modern drug to treat Toxoplasmosis.  The problems with Daraprim, as Martin explains, is that it"s very old (invented in the 1940s), it doesn"t work that well, and it"s toxic to bone marrow and can be as deadly to the patient as to the disease itself.  There was no incentive to create a better drug because the disease was so rare, and there was already a cheap (if problematic) drug on the market to treat it, so it has mostly gone unnoticed in the pharmaceutical industry.  Martin wants to replace Daraprim with a new drug that targets the enzyme that causes the disease without the bone marrow toxicity.  To accomplish this, his plan is to raise the drug"s price from $13.50 to $750 per pill.  At $750 per pill for an 84 pill course, the total cost is now $63,000 to cure the disease, which as Martin points is both rare and fatal.  There are similar drugs on the marketplace (i.e. for other fatal ailments) that cost anywhere from $80,000-$130,000 per course, so Daraprim is still relatively cheap for a what is a life-saving medication.  Martin explains that, while the price hike is indeed extreme, his company has made it easier for patients to get the drug by lowering the co-payment to "almost nothing", with the insurance companies picking up the tab and, furthermore, that Turing gives away 60% of their Daraprim to patients who can"t afford it, leaving the company with a 40% gross margin.  He says that nets out overall to $25,000 in profits for Turing per treatment course, virtually all of which goes back into R&D for a Daraprim replacement.

So, as the plan goes, by buying Daraprim and ramping up the price, Turing Pharmaceuticals will be able to use the profits to invent a new, more effective drug, while in the meantime being compassionate to Toxoplasmosis sufferers by making sure they can still get Daraprim affordably.  He claims no one is dying as a result of the price hike and emphasized those who need it can still get it.  Martin"s full explanation is nicely encapsulated in the following video:

Witness In Shkreli Trial Says "Most Hated Man In America" Made Him Millions

Benjamin Brafman, attorney for former Turing Pharmaceuticals CEO Martin Shkreli has based Shkreli"s defense on the notion that, while his client may have misled investors in hedge funds and pharmaceutical companies that he controlled, most of them made money thanks to Shkreli"s business acument and investing prowess.

Even Sarah Hassan, a witness for the prosecution, admitted as much when she testified that Shkreli paid her back with $400,000 in cash, plus shares in Retrophin, a biotech company founded by Shkreli – though Shkreli’s repeated evasions felt like “a betrayal.”

And on Wednesday, testimony from another witness supported Brafman’s assertion: Darren Blanton, a Dallas-based biotechnology investor, told the jury that, although Shkreli lied to him repeatedly about his investing track record and the amount of capital he managed, the former pharma entrepreneur helped him make millions in profits.

Here’s Reuters:

“Darren Blanton, a Dallas-based biotechnology investor who appeared in Brooklyn federal court as a witness for U.S. prosecutors, told jurors he invested in Shkreli"s hedge fund MSMB Capital after being told the fund was managing $35 million in assets and had an independent auditor.

He said he later learned both of those claims were false and found Shkreli evasive when he tried to get some of his money back. Blanton said he eventually filed a whistleblower complaint with the U.S. Securities and Exchange Commission.

Under cross-examination by Shkreli"s lawyer, Benjamin Brafman, Blanton conceded that despite his misgivings, his $1.25 million investment with Shkreli paid off, largely through an agreement in which Shkreli gave him shares in his drug company Retrophin Inc.”

Blanton said he still holds 150,000 shares of Retrophin, a biotech company that Shkreli co-founded ad briefly ran before being pushed out by the board. Blanton’s stake is worth nearly $3 million at Wednesday"s closing price of $19.83 per share.

And – in an admission that’s sure to tug at the jury’s heartstrings - Blanton said Shkreli founded Retrophin after learning that a friend of Blanton"s had lost a son to a rare disease, myotubular myopathy, and vowed to find a cure. Brafman"s cross-examination is expected to continue Thursday.

Shkreli, 34, gained notoriety in 2015 when he raised the price of a life-saving drug by 5,000 percent as CEO of Turing Pharmaceuticals, sparking outrage among patients and US lawmakers and leading the press to brand him "the most hated man in America." Shkreli has since embraced the role of provocateur, reveling in the negative publicity. His Twitter harassment of freelance journalist Lauren Duca led to him being banned from the social media platform, according to Reuters.

Federal prosecutors on Monday asked judge Kiyo Matsumoto for a gag order to prevent Shkreli from speaking with the press, claiming that he risks tainting jurors’ opinions by waging his own publicity campaign independent of the advice of his defense counsel. The request came after Shkreli lambasted the prosecution as incompetent and "junior varisty" during an impromptu conference with reporters.

The prosecution is alleging that, though Shkreli went to great lengths to ensure that all the investors in his fund were made whole, he still committed fraud by looting money from Retrophin to pay them back. Shkreli’s trial is expected to last between four and six weeks.

First Witness Says She Felt "Betrayed" By "Pharma Bro" Martin Shkreli

Prosecution called its first witness in the trial of former Turing Pharmaceutical CEO Martin Shkreli on Thursday. The witness, a former investor in one of Shkreli’s funds, alleged that Shkreli misled her about the fund’s performance, touting returns that were “too good to be true.”

The witness, Sarah Hassan, told jurors that she invested $300,000 with Shkreli in 2011 after being told he was “a rising star in the hedge fund world” who managed $40 million. She said she was thrilled when Shkreli reported she made nearly $60,000 that year alone, according to the Associated Press. However, she said those returns far overstated Shkreli’s performance; in fact, the fund lost money. A year later, Shkreli told her that he was using all the assets in the fund to start up Retrophin. When she tried to get her investment back, he stalled for months before forcing her into a settlement that included shares of Retrophin and $400,000 cash, she said.

Day 4 of #Shkreli trial underway. First witness, Sarah Hassan, 27-year-old daughter of Fred Hassan, just took the stand. Govt questioning

— Meg Tirrell (@megtirrell) June 29, 2017

Sarah Hassan tells prosecutor she invested $300k with #Shkreli in MSMB Capital in Jan 2011

— Meg Tirrell (@megtirrell) June 29, 2017

“To hear over a year later that the cash was gone, it was upsetting,” Sarah Hassan testified as the first witness at Shkreli’s securities fraud trial in federal court in Brooklyn. “I saw that as being my cash. It was just not right.”

"To be frank, I felt somewhat betrayed at this point," Hassan, 27, told jurors in Brooklyn, New York, federal court. "I was told I could get my cash from the fund months ago."

It’s unclear whether Hassan is the same government witness who was allegedly threatened by a member of Shkreli’s family, as Bloomberg reported last week.

The defense has countered that the federal government unnecessarily frightened three of the defense’s witnesses after FBI agents repeatedly tried to contact them.
***
The Shkreli trial is just getting started, but already there have been more than a few interesting twists. The trial was supposed to begin Monday, but, thanks to Shkreli’s reputation as “the most hated man in America,” the jury selection process consumed two full days as the defense meticulously interviewed 250 potential jurors, with many claiming they would be unable to issue a fair judgment thanks to Shkreli’s reputation as the “pharma bro” who hiked the price of lifesaving AIDS drug Daraprim by 5,000%.

* * *

MedCity, a pharma blog that"s covering the trial, published a ranking of the top five excuses potential jurors used to get out of jury duty - one juror was excused for saying Shkreli "looks like a dick." Another said he couldn"t be impartial because Shkreli "disrespected the Wu Tang Clan."

“In my head, I said, ‘That’s a snake,’” one woman told attorneys, perhaps the most iconic comment to date.

“Honestly? Because he kind of looks like a dick,” another juror said more bluntly, explaining his bias to the judge. The individual was reportedly familiar with Shkreli’s ownership of the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin,” purchased through an online auction in 2015 for $2 million.

“He disrespected the Wu-Tang Clan, so…” On a related note, CNBC reported that on day three a potential juror also brought up the issue and the aftermath, in which Shkreli leaked the record.

“In this particular case, the only thing I’d be impartial about is what prison he goes to” — another gem from day three.

And finally; “I am,” from the man Judge Matsumoto asked directly “Are you concerned for your safety?”

* * *

However, in a sign of hope for the embattled Shkreli – who is facing up to 20 years in prison if convicted - defense lawyer Benjamin Brafman has hit upon a novel defense strategy, according to the New York Times.

Brafman, a celebrity criminal defense lawyer known for representing Sean “P Diddy” Combs, Charles Kushner, and former Mafia boss Sammy the Bull Gravano, is claiming that much of the public’s hostility toward his client stems from Shkreli’s odd behavior, which he implied could be related to his client being mildly autistic - though it"s unclear if a doctor has diagnosed him as such.

They’re calling it: The “Born This Way” defense, after the 2011 Lady Gaga hit single celebrating LGBTQ youth:

“An odd duck. Perhaps Autistic. Weird. Maybe with Asperger’s. A guy who shuffled around his office in bunny slippers with a stethoscope around his neck because he felt comfortable that way. This is how Martin Shkreli was portrayed on Wednesday for his trial on fraud charges – by Benjamin Brafman, his own lawyer.

“Is he strange? Yes,” Mr. Brafman said of his client. But he added, “every single government witness will concur that Martin Shkreli, despite his flaws and his personality, is brilliant beyond words.”

Brafman also pushed back against the defense’s claims, arguing that none of Shkreli’s investors lost money. In fact, Brafman told the jury they made money thanks to Shkreli’s financial prowess.

Shkreli is being tried on eight counts of securities fraud and wire fraud related to his time running two hedge funds, MSMB Capital and MSMB Healthcare, and a pharmaceutical company he founded called Retrophin.

In particular, Shkreli has been accused of falsifying investor statements, backdating documents and misleading investors about his record as a fund manager. He also allegedly misstated how much money was in the funds, according to prosecutor G. Karthik Srinivasan, who, in his opening statement, accused Shkreli of being a “con man” who managed to convince his investors that he was “a Wall Street genius.”

Prosecutors alleged that the string of events that led to Shkreli’s arrest began with a bad trade at his first hedge fund, MSMB Capital. Shkreli lost millions of dollars on a trade that put the fund in the red.

Around the same time, Shkreli founded MSMB Healthcare, a second fund, and Retrophin, a pharmaceutical company. Shkreli allegedly told his investors they could have their money back in cash or Retrophin stock, and when a couple of investors threatened to sue, Shkreli hired them as consultants at Retrophin.

“Retrophin owed these investors nothing – the defendant owed these debts,” Srinivasan said.

As Brafman noted, since Shkreli"s departure, Retrophin has become enormously profitable - it"s now worth about $700 million, and, Brafman said, the board is still "raping" the company. Brafman also argued that the board"s treatment of Shkreli was unceasingly cruel, saying they mocked him and questioned his sexuality - all for being "different."

Investors may have made their money back, but Shkreli still committed fraud, the prosecution countered.

The trial is expected to last between four to six weeks.

Twitter Suspends Martin Shkreli for Trolling a Reporter

I haven"t seen any of Martin"s tweets ever since he blocked me for calling out his utter bullshit with Kalobios. Apparently, he"s been very busy stalking some liberal reporter on Twitter, goading and trolling her to the point that @Jack had to step in and put an end to the madness.

How is this allowed @jack pic.twitter.com/Wof8MlYHTL

— Lauren Duca (@laurenduca) January 8, 2017

Have a closer look at his homage to Lauren Duca.

Is Twitter a little fucking obsessed with controlling their community? Absolutely. Back in the old days I felt very comfortable telling people to "DIE IN A FUCKING RAGING FIRE" or to "GET EATEN BY A HOMOSEXUAL GIRAFFE." But now, I rarely tell people to fuck off, for fears of being banned.

It"s sad, really.

Here is a DM Marty sent Lauren, which has given me some new found respect for the "pharma bro."

Washpo tried to reach out for comment on the situation and was roundly rebuffed, basically told to fuck off.

And this from Huffington Post, reporting on the situation.

The Huffington Post attempted to reach Shkreli via an email address he had previously listed on his Twitter page; we received a response that read “lol suck a dick.”

Content originally generated at iBankCoin.com