Martin Shkreli Resigns as CEO of Turing Pharmaceuticals, Interim Boss Announced

Prosecutors are also investigating Mr. Shkreli’s November move to acquire 70% of KaloBios, a biotechnology company, along with a group of investors, a person familiar with the matter told The Wall Street Journal.

Citing anonymous sources, the Journal said the pharmaceutical company is “close” to finding a suitable replacement in anticipation of the CEO’s resignation.

Shkreli was vaulted into the headlines earlier this year when he purchased a life-saving pharmaceutical drug and raised its price from $13.50 to $750 a pill.

Shkreli, who was arrested by the Federal Bureau of Investigation (FBI) after the SEC’s charge, has been released on a $5m bond. “#Breaking no seizure warrant at the arrest of Martin Shkreli today, which means we didn’t seize the Wu-Tang Clan album”, wrote FBI New York.

Shkreli’s stunning arrest on Thursday stemmed from previous hedge fund and biopharmaceutical companies he owned and later left.

Minutes after Mr Shkreli’s arrest on charges of securities fraud, the attorney, Harland Dorrinson, announced that he was upping his fees from $1,200 per hour to $60,000.

Authorities have said that the indictment handed down a day earlier did not have anything to do with Shkreli’s performance or dealings at Turing.

“He’s also accused of misappropriating hundreds of thousands of dollars to pay for his personal expenses and to settle claims against him”.

Shkreli is facing up to 20 years in prison for his actions at MSMB and Retrophin.

“The sale of Once Upon a Time in Shaolin was agreed upon in May, well before Martin Shkreli’s business practices came to light”, founder RZA said in a statement. He denied wrongdoing Thursday.

He tweeted Thursday night that he was “glad to be home”.

Shkreli has been the focus of widespread criticism in the media, which dubbed him “the most hated man in America”, as well as by politicians.

But Shkreli recently bought a majority of the shares and become CEO of another small publicly-trade drug company, KaloBios, which develops cancer drugs.