Pharma Bro Martin Shkreli Resigns as CEO of Turing Pharmaceuticals After Arrest

Shkreli posted a $5 million bond to be released.

On Thursday, federal prosecutors said that between 2009 and 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted Retrophin, a pharmaceutical company where he was CEO, for $11 million to pay back his disgruntled clients.

Brooklyn U.S. Attorney Robert Capers said the reviled businessman operated his companies like a Ponzi scheme.

Martin Shkreli has resigned as chief executive of Turing Pharmaceuticals following his arrest on Thursday.

Shkreli, the pharma bro we have all come to love to hate for infamously jacking up the price of an HIV medication from $13.50 to $750 per pill, was arrested earlier this week for securities fraud.

He later said the company would lower the price.

Turing paid $55m for the rights to sell the drug in the US. However, Turing kept the price of Daraprim the same, offering discounts to hospital and financial aid for some customers.

Turing has offices in NY and Zug, Switzerland. “Within 10 years, more than half of all rap/hip-hop music will be made exclusively for me”.

Law enforcement, including Federal Bureau of Investigation agents, could be seen escorting Shkreli, who was wearing a hoodie, into a vehicle.

Tilles also thanked Shkreli “for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today”, a reference to Shkreli’s after-the-fact claim that he needed to raise Daraprim’s price so much to fund research on other drugs.

“Glad to be home”, Shkreli tweeted to his Twitter followers Thursday night.

“Thanks for your support”, Shkreli told some 800 viewers on the Youtube broadcast.

The Atlantic published an in-depth piece speculating about various circumstances in which the arrest could free Once Upon a Time in Shaolin from Shkreli’s grasp – including asset forfeiture or the CEO selling the album to pay raise money for legal defense.

The charges against Shkreli, the 32-year-old pharmaceutical entrepreneur, center around his stint running the hedge fund MSMB Capital Management and pharmaceutics company Retrophin. After his early-morning arrest, KaloBios shares fell 53 per cent before trading was halted.