Price-Gouging Pharma Bro Shkreli Arrested by FBI for Securities Fraud
32-year-old Martin Shkreli, who ignited a firestorm of public controversy earlier this year for spiking the cost of the healthcare drug Daraprim from $13.50 to $750 each, has been arrested Thursday morning according to reports from Reuters.
— Reuters Top News (@Reuters) December 17, 2015
Shkreli was a hedge fund manager at MSMB Capital Management before making headlines this year for his controversial choice to raise the price of the drug. The FBI and prosecutors are charging Shkreli with using the profits of his Retrophin Inc. to pay off debts unassociated with the biotech firm.
Bloomberg Business reported that Shkreli was arrested at his Manhattan home early Thursday morning. Bloomberg notes, “[Shkreli] is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He’s accused of conspiring with Shkreli in part of the scheme.”
UPDATE – 2:10 P.M. EST NBC reported today Shkreli has resigned as CEO of Turing Pharmaceuticals. Ron Tilles, the company’s chairman of the board, will serve as interim chief executive until a formal replacement can be named.
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