Disgraced Shkreli Resigns As Turing CEO’

Hours after the FBI arrested pharmaceutical executive Martin Shkreli on securities fraud charges this week, the bureau announced it does not have in its possession the only known copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin.”

The US Securities and Exchange Commission has charged Turing Pharmaceuticals CEO Martin Shkreli for committing a series of securities fraud over a five-year period when he was also working as a hedge fund manager.

Retrophin said in a statement: “A new chapter for Retrophin began the day the company replaced Martin Shkreli more than a year ago – and that decision has been vindicated by today’s indictment”.

Shkreli “ran his companies like a Ponzi scheme, using each subsequent company to pay off defrauded investors”, U.S. Attorney Robert Capers told a news conference in Brooklyn.

Bloomberg and Reuters reported that Shkreli was arrested Thursday at his home in NY.

The arrest came as part of a federal investigation involving his former hedge fund, MSMB Capital, and his previous pharmaceutical company. He did so this fall, shortly after Turing acquired rights to sell the pill in the USA, paying another company $55 million for it.

Combative, often crass and wilfully sophomoric, Shkreli has – so far – reveled in being described as a “pharma bro”, the “drug industry’s villain” and far more unprintable terms since his Turing Pharmaceuticals jacked up the price of Daraprim. “Within 10 years, more than half of all rap/hip-hop music will be made exclusively for me”. He posted $5 million bond later that afternoon, leaving the courtroom pale as a ghost with a trail of reporters clambering for comment.

‘Mr. Shkreli also strongly denies the charges regarding the MSMB entities, which involve complex accounting matters that the EDNY and SEC fail to understand.

Tilles’ statement said Turing was “committed to ensuring that all patients have ready and affordable access to Daraprim” and Vecamyl, a Turing drug for treating malignant hypertension, high blood pressure that develops suddenly. “Thanks for the support”. KaloBios shares were down 50% in yesterday pre-market trading.