'Pharma Bro' Martin Shkreli Arrested on Securities Fraud ChargesThe CEO of Turing Pharmaceuticals became infamous earlier this year when he drastically raised the price of a drug taken by AIDS patients.
This story originally appeared onFortune Magazine
Martin Shkreli, the now-notorious CEO of Turing Pharmaceuticals, has been arrested on suspicion of securities fraud, according toBloomberg 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."
