Shkreli resigns as Turing Pharmaceuticals CEO

The company has already replaced Mr Shkreli as chief executive with the chairman of the board of directors Ron Tilles.

Turing representatives didn’t respond to an emailed request for comment on Tilles’ role at Retrophin, and the company’s voicemail inbox was full on Friday afternoon. Federal prosecutors accuse Shkreli of using Retrophin to repay investors who lost money in his now-defunct hedge fund, MSMB Capital Management.

The FBI arrested Shkreli, 32, on Thursday on the suspicion that he used stock from Retrophin, the biotech company he founded in 2011, to pay off personal debt.

According to the Atlantic, Wu-Tang’s album could be taken from Shkreli in a number of circumstances, such as asset forfeiture or if he sells it to raise money for legal expenses. He was released on bail and tweeted: “Glad to be home”.

As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company.

The statement referred to the public furor that erupted this year after Shkreli raised the price of a Turing medication called Daraprim by more than 5000% – from $13.50 a pill to $750.

Martin Shkreli, the entrepreneur charged by federal prosecutors in Brooklyn with securities fraud, resigned Friday as CEO of Turing Pharmaceuticals. His travel is restricted to parts of NY and he surrendered his passport, CNBC reports. “In summary, Mr. Shkreli expects to be fully vindicated”, a spokesperson for Shkreli said in a statement provided to Fortune.

WATCH: Martin Shkreli, the drug company CEO who inflated the price of a life-saving drug by 5,000 per cent, has been arrested on charges of securities fraud. “Upon discovering potential misconduct by Mr. Shkreli, we authorized an independent investigation, filed a lawsuit against him, and fully cooperated with the government investigations”.

This could also mean that he’s forced to give back the one-of-a-kind, never-heard copy of the Wu-Tang Clan album Once Upon A Time In Shaolin, which he bought for $2million.