Shkreli’s Hedge Fund Went From Success to Bust in 31 Minutes
ByIn 31 minutes a hedge fund managed by Martin Shkreli in 2012 went from a roaring success to an empty shell, one of his investors told a jury.
Sarah Hassan, 27, who gave Shkreli $300,000 to invest, said she got an email at 8:13 p.m. on Sept. 9, 2012, saying she was up $135,000, a return of 45 percent. At 8:44 p.m., Shkreli sent out a second email notifying Hassan and other investors he was shutting the fund down.
“We went through operational mishaps,” Shkreli said in the email. “There is no longer any cash in the funds.”
Shkreli, 34, is on trial in federal court accused of operating his hedge funds like a Ponzi scheme. He took his clients’ money without their permission and used it to start Retrophin Inc., according to the U.S. Shkreli’s also accused of fleecing $11 million of the drug company’s assets to pay off investors who’d lost money in the funds…
Shkreli’s Hedge Fund Went From Success to Bust in 31 Minutes
