iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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Why Did Martin Shkreli’s Childhood Friend Buy $KBIO?

New SEC documents show a Marek Biestek, long term friend and partner of Marty, a 200,000 share position in KBIO.

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As far as I can tell, he’s merely an investor trying to make a few bucks. If he sold out of KBIO today at around $15, good old Marek might’ve netted $2.8 million in profits. It’s good to have friends like Marty.

This gent has a Twitter account and he goes by MANIAC8480. How fitting.

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But peep what he retweeted yesterday afternoon. He was mocking someone with his RT, already knowing that vey soon Marty’s SEC filing would be known and he’d be a rich man.

If this isn’t insider trading, I don’t know what is anymore.

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20 comments

  1. Marc David

    Must be nice

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  2. pb

    Good stuff, keep the spotlight on. These guys are really pushing their luck. I think they will soon have a problem.

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    • Marc David

      I hope they have a prison problem soon. But this kind of fraud, doesn’t land anybody in a pound you in the ass prison. They’ll go spend time somewhere nicer than most people live.

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  3. Dr. Fly

    UPDATE: after this post published, MANIAC8480 locked his twitter acct down.

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  4. chiefton15

    you can’t make this stuff up. When you strip it down we operate in one of the dirtiest industries around.

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  5. matt_bear

    yeah, the arrogance of the retweet is the tell. that and buying 200k shares a day before your friend pulls off a huge scam.

    It’s prison time for both. God Martha Stewart must be so pissed seeing all of this blatantly going down over the years. lol

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    • Marc David

      @Matt – Agree. Why RT that unless you knew something. Totally agree. Buy shares the day before, then RT that specific tweet? Dude knew something.

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  6. frog

    Insider trading is what gets prosecuted when small fry do it, like Martha Stewart. It seems like whether this guy gets prosecuted will depend on whether he’s a small fry or a big fry.

    Even Bernie Madoff would still be operating today, if it weren’t for the fact that his sons turned him in.

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  7. pyromonoxide

    Great catch. Well well, locked twitter account, that probably will not stop the fed from having a look.

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  8. pb

    If he locked his twitter account as a result of this article, then both himself and Shkreli are probably reading this. To them I say: dudes, you are both fucked. It is only a matter of time and the best lawyers in the US are not going to get you immunity. Best vacate to a country that does not honor US extradition…if any such still exist.

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  9. blahblahblah

    well done. the rest of the market acts like everyone left for Thanksgiving at Noon today.

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  10. bountyhunter1

    Exodus strikes again! Hahahaha great job Le Fly 🙂

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  11. pb

    Note to SEC: While the taxpaying public will generally turn a blind eye to federal government agencies using the internet for, ah, personal entertainment, we do expect some results from your mandate every once in a great while. Here is a prime opportunity to investigate a morally reprehensible individual(s) for crimes that might actually stick. He may evade Congress, the FDA, and Hillary Clinton, but there is more than one way to skin a mouse.

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  12. eddiedaroza

    I’m rarely one to hope the government fucks people up, but these sleaze bags deserve jail. full on spoiled brats that need to be smacked around a little.

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  13. goodgreed

    I mentioned on twitter yesterday… this smelled soooooooooo illegal. how you do have the certitude to lay down that much money into a company that just declared they are winding down. there is only one possible way a rational man would bet a significant % of this net worth on such a bet…

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  14. zerosum

    I think Shkreli has very close to zero friends and nobody would be very upset to see him perp walked. This increases the likelihood of that happening.

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  15. mooredoor

    UPDATE:I believe Marek Biestek was part of the group consisting of Martin Shkreli, Anthion Partners, and Marek Biestek that took control of KBIO. The image of the SEC filing cut off footnote number 2 that says, ” Marek Biestek, who is a member of a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934.” The filings by Shkreli and Anthion also contain that footnote.

    SEC filings website did a poor job of indexing the recent filings under the company name. The recent Form 4’s do not even show up under the company Kalobios. I had to do a full-text search and searched for “Kalobios”.

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  16. mooredoor

    Marek Biestek should have remained completely silent since he was in on Shkreli’s plan for KBIO. The retweets could be some kind of secret code to signal someone to buy KBIO. He retweeted Shkreli’s basic investing tweet and a tweet that referenced KBIO. Maybe even Shkreli’s tweet could even contain a hidden message. Why would Shkreli, a biotech investor, talk about restaurant stocks?

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