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“All of the investment banks, up in New York and D.C., they should have gone to jail.” That isn’t a quote from an Occupy Wall Street protester or Senator Elizabeth Warren. That’s a common campaign slogan repeated by Dave Brat, the Virginia college professor who scored one of the biggest political upsets in over a century by defeating Majority Leader Eric Cantor in the Republican primary last night. The national media is buzzing about Brat’s victory, but for all of the wrong reasons.

Did the Tea Party swoop in and help Brat, as many in the Democratic Party are suggesting? Actually, the Wall Street Journal reports no major Tea Party or anti-establishment GOP group spent funds to defeat Cantor. Did Cantor, the only Jewish Republican in Congress, lose because of his religion, as some have suggested? There’s no evidence so far of anti-Semitism during the campaign. Was Cantor caught flatfooted? Nope; Cantor’s campaign spent close to $1 million on the race and several outside advocacy groups, including the National Rifle Association, the National Realtors Association and the American Chemistry Council (a chemical industry lobbying association) came in and poured money into the district to defeat Brat. The New York Times claims that Brat focused his campaign primarily on immigration reform. Brat certainly made immigration a visible topic in his race, but Republic Report listened to several hours of Brat stump speeches and radio appearances, and that issue came up far less than what Brat called the main problem in government: corruption and cronyism. Brat told Internet radio host Flint Engelman that the “number one plank” in his campaign is “free markets.” Brat went on to explain, “Eric Cantor and the Republican leadership do not know what a free market is at all, and the clearest evidence of that is the financial crisis … When I say free markets, I mean no favoritism to K Street lobbyists.” Banks like Goldman Sachs were not fined for their role in the financial crisis — rather, they were rewarded with bailouts, Brat has said.

rat, who has identified with maverick GOP lawmakers like Representative Justin Amash of Michigan, spent much of the campaign slamming both parties for being in the pocket of “Wall Street crooks” and D.C. insiders. The folks who caused the financial crisis, Brat says, “went onto Obama’s rolodex, the Republican leadership, Eric’s rolodex.” During several campaign appearances, Brat says what upset him the most about Cantor was his role in gutting the last attempt at congressional ethics reform. “If you want to find out the smoking gun in this campaign,” Brat told Engelman, “just go Google and type the STOCK Act and CNN and Eric Cantor.” (On Twitter, Brat has praised the conservative author Peter Schweizer, whose work on congressional corruption forced lawmakers into action on the STOCK Act.) The STOCK Act, a bill to crack down on insider trading, was significantly watered down by Cantor in early 2012. The lawmaker took out provisions that would have forced Wall Street “political intelligence” firms to register as traditional lobbyists would, and removed a section of the bill to empower prosecutors to go after public officials who illegally trade on insider knowledge. And Brat may be right to charge that Cantor’s moves on the STOCK Act were motivated by self interest. Cantor played a leading role in blocking legislation to fix the foreclosure crisis while his wife and his stock portfolio were deeply invested in mortgage banks.

Martin Shkreli, a boastful pharmaceutical executive who came under withering criticism for price gouging vital drugs, denied securities fraud charges on Thursday following an early morning arrest, and was freed on a $5 million bond. While the 32-year-old has earned a rare level of infamy for his brazenness in business and his personal life, what he was charged with had nothing to do with skyrocketing drug prices. He is accused of repeatedly losing money for investors and lying to them about it, illegally taking assets from one of his companies to pay off debtors in another. “Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said at a press conference.

Evan Greebel, a New York lawyer, who is alleged in the federal indictment to have helped Shkreli in his schemes, was also arrested and charged. Like Shkreli, he pleaded not guilty, and he was freed on a $1 million bond. Both men and their lawyers declined to comment after their court appearance.

Read the full text of the indictment here In the federal indictment and a complaint by the Securities and Exchange Commission, authorities say Shkreli began losing money and lying to investors from the time he began managing money. In his mid-20s, he got nine investors to place $3 million with him and at one point he had only $331. Securities fraud is hardly unheard of on Wall Streeet and the amounts involved here are nowhere near on the scale of Bernie Madoff. But Shkreli’s case has drawn such attention because of his defiant price-gouging and his own up-by-the-bootstraps history. The son of immigrants from Albania and Croatia who did janitorial work and raised him and his brothers in working-class Brooklyn, Shkreli seemed at first to embody the American dream and then to mock it. After dropping out of an elite Manhattan high school, he worked as an intern for Jim Cramer’s hedge fund as a 17-year-old and quickly impressed with his ability to call stocks. He created hedge funds, taught himself biology and, after earning a BA at Baruch College in New York City, began hedge funds investing in biotech.