Martin Shkreli Resigns As CEO Of Turing Pharmaceuticals

The FBI has confirmed – in an incredible, hard-to-believe-it-exists tweet – that the agency did not seize Wu-Tang Clan’s Once Upon a Time in Shaolin from Martin Shkreli, following the controversial drug CEO’s Thursday arrest for securities fraud.

“We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl”, it says in Turing’s statement.

Mr Tilles has worked with private equity and venture capital firms in the pharmaceutical and medical device industry for the past 20 years.

Earlier this year after buying a 60-year-old drug called Daraprim, Turing raised the price overnight to $750 a tablet from $13.50. Shkreli is planning to step down from Turing, and it has not yet been decided whether his replacement will serve in an interim or permanent capacity, the report said, citing people familiar with the matter.

Turing’s statement also hinted at the price-gouging scandal that made the company, and particularly Shkreli, a punching bag across the country. “At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward”.

In August, though, Retrophin sued Shkreli for more than $65 million, accusing him of using his control of the company to enrich himself and to pay off the claims of financial fund investors he had defrauded.

Martin Shkreli, the perennially brazen onetime hedge funder turned pharmaceutical executive turned indicted 32-year-old accused of securities fraud, has another moniker as of Friday: unemployed.

“At a press conference, the government suggested that Mr. Shkreli was involved in a Ponzi scheme”.

Evan Greebel allegedly helped Shkreli in his schemes.

Shkreli was in the headlines yesterday as well after he revealed in an unsettling interview with HipHopDX, his plans for trying to bail out Bobby Shmurda, referring to him as “New York’s best chance for rap since 50 Cent”.

Shkreli is also chief executive of KaloBios Pharmaceuticals, which has not commented on his arrest.

Shares of Shkreli’s other pharmaceutical company, KaloBios Inc, fell by 53 percent on news of the arrest on Thursday before trading was halted for the day.