Martin Shkreli Arrested by FBI on Charges of Securities Fraud
The Turing CEO is getting his due for pharmaceutical price-gouging.
Martin Shkreli, the embattled pharmaceutical industry CEO famous for gouging the price of Daraprim, an affordable HIV drug, was arrested today by the FBI amid charges of securities fraud.
Shkreli is expected to be charged with securities fraud related to two of his former jobs as CEO of Retrophin, a pharmaceutical company, and as a hedge fund manager at MSMB Capital Management. The FBI is investigating whether or not the 32 year-old Shkreli, who served as chief of Retrophin, used some of the company’s assets to pay various debts owed to MSMB Capital Management.
In other words, Shkreli orchestrated a classic pyramid scheme, which is unsurprising given his previous antics.
Last month, Shkreli agreed to justify his merciless price-gouging of Daraprim before the United States Senate. That was of course before the FBI got involved, and arrested him on charges of financial criminality.