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Pharma Bro Martin Shkreli Resigns from Pharmaceuticals Company
Posted On Dec 19 2015
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Martin Shkreli – the pharma executive arrested Thursday on securities fraud charges and widely hated for his pill price gouging – resigned as CEO of Turing Pharmaceuticals Friday.
“Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company”, US Attorney Robert Capers said at a press conference Thursday. “At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward”, Tilles said in the statement.
By the time Shkreli’s tumultuous Thursday was over, he was already back on Twitter.
Turing and Mr Shkreli became infamous in the U.S. for raising the price of an HIV drug by 5,000% earlier this year.
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Martin Shkreli (2nd R), CEO of Turing Pharmaceutical, is brought out of 26 Federal Plaza by law enforcement officials after being arrested for securities fraud on December 17, 2015 in New York City.
Shkreli, who lives in midtown Manhattan, was released on a $5 million bond after pleading not guilty to the securities fraud charges. The drug is sold exclusively through some Walgreens pharmacies. Days before the acquisition, the company had said it was shutting down because its products had failed clinical trials and it was out of cash.
Federal prosecutors accuse Shkreli of using Retrophin to repay investors who lost money in his now-defunct hedge fund, MSMB Capital Management.
In October 2014, Shkreli was ousted from Retrophin, which he had founded.
Amid a deluge of criticism from patients and politicians, Shkreli pledged to lower Daraprim’s price, but later reneged and instead offered hospitals a 50 percent discount – still amounting to a 2,500 percent increase.
Shkreli tweeted later that evening that he had returned home safely, and thanked his followers for their support. He remains the listed CEO at KaloBios ($KBIO), a publicly traded firm he took over last month.
