The lawyer, Benjamin Brafman, confirmed yesterday that he had been hired to represent Mr Shkreli, 32, who was arrested in December and is facing an indictment for engaging in securities fraud. Mr Shkreli, who has pleaded not guilty, had previously been represented in the case by law firm Arnold & Porter. He had gained notoriety before his indictment when Turing Pharmaceuticals, which he headed at the time, increased the price of a drug used to treat a dangerous parasitic infection from $13.50 to $750.

‘Impeccable’ track record

Mr Shkreli said he was ‘excited’ about hiring Mr Brafman during an interview on Fox Business Network yesterday. ‘You know, his track record is impeccable, and I think that to the extent that he's representing me going forward, I think we're going to put our best foot forward,’ Mr Shkreli commented.

‘Never intended’ to break the law

‘We are confident that he will be fully exonerated,’ Mr Brafman said in a statement. ‘It is clear that Mr Shkreli never intended to violate the law, nor did he ever intend to defraud anyone.’ Source: Reuters (via CNBC)