FBI Agents Arrest Martin Shkreli for Securities Fraud

Mr. Shkreli already gained a notorious image, mainly following the 55 fold price increment for one of his drugs. Days before the acquisition, the company had said it was shutting down because its products had failed clinical trials and it was out of cash.

“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors”, said a company rep.

There is a possibility that the federal charges and regulatory actions may bring ban for Shkreli from running a public company.

The 32-year-old “pharma bro” will be replaced on an interim basis by Ron Tilles, who has been chairman of Turing’s board of directors since the company was founded late last year.

Turing Pharmaceutical Llc, a privately-held company that is operated as an integrated biopharmaceutical company.

The former Retrophin chief executive (pictured)gained notoriety in August when his new firm Turing Pharmaceuticals raised the price of the only approved drug for an unusual disease from $13.50 to $750 per pill.

Mr Shkreli denied the charges in court and was released on bail of $5m. According to the NY Times, “KaloBios hopes to win approval for the drug in the United States and sell it for around $60,000 to $100,000 for a course of treatment”.

He has handed in his passport and is restricted to travelling only to certain parts of NY.

After Shkreli’s business dealings became headline news, the hip-hop stars vowed to donate a portion of the album’s sale proceeds to charity.

In November, he gained control of another drug company, Kalobios Pharmaceuticals, whose stock price plummeted Tuesday on news of his arrest, falling 53.24% to $11.03 before trading was suspended.

Shkreli first acquired a majority stake over a course of two days and was subsequently named CEO.

By the time Shkreli’s tumultuous Thursday was over, he was already back on Twitter. A call to Shkreli’s office line went unanswered.