Jackass drug CEO is no longer a drug CEO

Following extreme criticism for the increase, including from Hillary Clinton, Bernie Sanders, and Donald Trump, Shkreli said he would keep the $750 price but would offer volume discounts.

Turing Pharmaceuticals Friday announced the resignation of Martin Shkreli from the position of CEO, and the appointment of Ron Tilles to the position of Interim CEO at the pharmaceutical company.

Essentially, Shkreli used each new company’s profits to pay off other, unhappy, investors from his hedge fund. 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.

Shares of KaloBios Pharmaceuticals Inc. shed more than half their value, or $12.56, to $11.03 shortly before markets opened Thursday.

Turing, the privately held firm Shkreli started after being ousted from Retrophin, has been losing lots of money – $28 million during the first nine months of the year.

The criminal indictment handed up in Brooklyn, New York accused Evan Greebel, 42, a New York lawyer who served as Retrophin’s outside counsel, of aiding the alleged scheme. He faces up to 20 years in prison if convicted. Shkreli is charged with security and wire fraud, stemming from what federal authorities describe as lies to investors about his hedge fund’s assets.

Hours later, Shkreli tweeted: “Glad to be home”.

Martin Shkreli-yes the same guy who planned to bail out Bobby Schmurda yesterday-was arrested yesterday on securities fraud charges. “Thanks for the support”.

Responding to the outcry, Shkreli initially said he would roll back the Daraprim price hike. In the backlash that followed, Shkreli was called “a spoiled brat”, and “the most hated man in America”.

Shkreli said the company would cut the drug’s price. After his arrest, its stock fell by more than half Thursday before trading in the company was suspended.

Hundreds of people on Twitter said they hoped the Federal Bureau of Investigation has seized the album as part of the operation, opening up the possibility of the record being obtained using public information laws and eventually being played publicly.