Martin Shkreli pleads the Fifth, then tweets about 'imbeciles' in Congress

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http://www.usatoday.com/story/money/2016/02/04/martin-shkreli-congressional-testimony-turing-pharmaceuticals-valeant-fda-drug-prices/79808004/

Quote:WASHINGTON—Embattled drug entrepreneurMartin Shkreli — who vigorously defended his decision to hike the price of a life-saving drug from $13.50 to $750 — suddenly went silent Thursday at a Congressional committee, smirking and grinning instead of answering questions.


Now facing an unrelated federal criminal indictment, the typically loquacious Shkreli refused to testify, repeatedly citing his Fifth Amendment right not to incriminate himself.

Members of Congress launched into fiery lectures directed at Shkreli, whose previous company, Turing Pharmaceuticals, came under scrutiny when it raised the price ofDaraprim more than 5,000%.

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"Drug company executives are lining their pockets at the expense of some of the most vulnerable families in our nation," U.S. Rep. Elijah Cummings, D-Maryland, said. "It's not funny, Mr. Shkreli. People are dying and they're getting sicker and sicker."

The boyish-faced Shkreli sat quietly at the witness table, clasping his hands tightly and slowly rubbing his fingers together as he was lectured. He smirked several times and appeared on the verge of laughter at one point when Cummings was speaking.

After the hearing, he removed any doubt about his feelings.

"Hard to accept that these imbeciles represent the people in our government," Shkrelisaid on Twitter, where he proceeded to retweet messages from several supporters.

Martin Shkreli, former CEO of Turing Pharmaceuticals, smiles while flanked by Nancy Retzlaff, chief commercial officer, during a House Oversight and Government Reform Committee hearing. Shkreli invoked his Fifth Amendment right not to testify to the committee that is examining the prescription drug market. (Photo: Mark Wilson, Getty Images)

Pelted with hostile questions, Shkreli repeatedly recited a prepared statement that he would not testify on the advice of his counsel. He is facing multiple criminal securities charges over allegations that he took stock from a previous biotech company to pay off business debts and lied about the investment returns of his former hedge fund.

U.S. Rep. Trey Gowdy, R-South Carolina, professed to be flabbergasted at Shkreli's silence on drug-price-hiking issues, telling the entrepreneur that he could testify on those matters without incriminating himself.

"I intend to follow the advice of counsel, not yours," Shkreli told Gowdy.

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At one point, Shkreli's attorney, Ben Brafman, stood up in the crowd and tried to intervene. But U.S. Rep. Jason Chaffetz, R-Utah, chairman of the committee, quickly rejected Brafman's efforts.

"No you are not recognized and you will be seated," Chaffetz said.

After less than an hour, Chaffetz dismissed Shkreli from the hearing since he was refusing to say anything.

In a brief press conference afterward, Brafman sought to explain Shkreli's dismissive facial expressions, saying his client was just "nervous." Shkreli did not comment during the press conference, but tweeted moments later.

In days before the hearing, he blasted Congress and made sarcastic jokes on Twitter about the subpoena he received to testify.

"I'm not going to say anything other than the 5th Amendment," he said recently. "They just want this to be a circus."

Martin Shkreli, former CEO of Turing Pharmaceuticals, smiles while flanked by Nancy Retzlaff, chief commercial officer, during a House Oversight and Government Reform Committee hearing. Shkreli invoked his Fifth Amendment right not to testify to the committee that is examining the prescription drug market.  Mark Wilson, Getty Images