Martin Shkreli, the CEO of Turing Pharmaceuticals, a controversial company that gouged the price of an AIDS drug earlier in the year has been arrested on unrelated fraud charges according to multiple media reports.
From The New York Times:
“He was arrested in his Midtown Manhattan apartment, according to a law enforcement source, who declined to be identified because the indictment had not been unsealed. Federal prosecutors in Brooklyn were expected to hold a news conference on the charges later Thursday.”
The arrest is related to Shkreli’s time running Retrophin, another pharmaceutical company.
According to Bloomberg, who first reported on the arrest, Shkreli has been charged with illegally taking stock from the company and selling it for his own personal gain in order to pay off debts. He was previously forced out of the company by its board.
“Shkreli was the paradigm faithless servant,” a civil complaint filed by Retrophin and obtained by the New York Times said. “Starting sometime in early 2012, and continuing until he left the company, Shkreli used his control over Retrophin to enrich himself and to pay off claims of MSMB investors (who he had defrauded).”
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Cover Photo Credit: Martin Shkreli/ Facebook