Looks like this is a quite a well-known issue in debian systems.
- Virtual Box even mentions this workaround in their Linux downloads page:
"What to do when experiencing The following signatures were invalid: BADSIG ... 
when refreshing the packages from the repository? " 
<http://www.virtualbox.org/wiki/Linux_Downloads>

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https://bugs.launchpad.net/bugs/24061

Title:
  GPG error with apt-get/aptitude/update-manager behind proxy (BADSIG 
40976EAF437D05B5)

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