Karma’s a b***h.
Martin Shrekli, the chief executive officer of Turing Pharmaceuticals, must be recognizing this now.
Earlier this week, news surfaced of Shkreli jacking up the price of another pharmaceutical drug used to treat Chagas, a parasitic infection that can cause potentially lethal heart problems, by 99,900%!
Not surprisingly, this pissed off a lot of people – especially since the greedy CEO pulled a similar move earlier this year when he increased the price of Daraprim, a decades-old drug used to treat toxoplasmosis, by 5,000%.
Now, according to Reuters, the ‘Pharma Douche’ has been arrested by the FBI for securities fraud. The 32-year-old was taking into custody at his Murray Hill, Manhattan apartment Thursday morning.
Bloomberg Business reports that the alleged “complicated shell game” played by Shkreli when he was a hedge fund manager for MSMB Capital Management and CEO of biotech firm Retrophin enabled him to make “secret payoffs and set up sham consulting arrangements.”
Evan Greebal, Shkreli’s lawyer, was also arrested the same morning on conspiracy charges.
The New York Attorney General’s office announced in October their launch of an investigation into whether Shrekli illegally obtained stocks from Retrophin, the company he founded four years ago, and used the cash from said stocks to pay off debts.
According to Bloomberg, the Securities and Exchange Commission is expected to file civil charges similar to those of the federal prosecutors.
The report stated:
“With the onslaught of federal charges and looming regulatory actions, Shkreli could be banned from running a public company.”
No doubt more news will soon follow.
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