Ex-drug exec Shkreli has $40M trading loss

Posted online February 4, 2016 | 12:47 pm

Former pharmaceutical executive Martin Shkreli suffered a roughly $40 million drop in the value of a trading account used to secure his bail following his arrest on securities fraud charges, a U.S. prosecutor said on Wednesday.

The account contained mostly shares of KaloBios Pharmaceuticals, which Shkreli briefly ran.

The company filed for bankruptcy in December, which caused most of its equity value to be wiped out.

That caused Shkreli's E*Trade brokerage account to drop to about $4 million from $45 million.

Read more from Reuters.

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