'Pharma Bro' Martin Shkreli Arrested on Securities Fraud Charges
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Martin Shkreli, the now-notorious CEO of Turing Pharmaceuticals, has been arrested on suspicion of securities fraud, according to Bloomberg News.
Shkreli, 32, became infamous earlier this year when he drastically raised the price of a drug taken by AIDS patients, but Bloomberg said the case against him is unrelated to that.
Instead, prosecutors have charged him with illegally taking stock from Retrophin Inc., a biotech firm which he founded in 2011, and using it to pay off unrelated business debts, Bloomberg said.
Shkreli’s hedge fund MSMB Capital Management suffered heavy losses as a result of the fraud, the agency added, referring also to allegations of “secret payoffs” and “sham consulting arrangements.”