Turing CEO Martin Shkreli in custody after securities probe

A prosecutor says former hedge fund manager and controversial pharmaceutical company CEO Martin Shkreli lied to investors, used assets from a drug company to pay off investors in a hedge fund and tried to cover up what he was doing.

Brooklyn U.S. Attorney Robert Capers is scheduled to hold a press conference with officials from the Federal Bureau of Investigation and U.S. Securities and Exchange Commission at noon today to announce the charges. Efforts to reach Greebel were not immediately successful, and a lawyer could not be immediately identified. He faces up to 20 years in jail if found guilty.

Daraprim, is a 62-year-old drug mainly used to treat people who have toxoplasmosis, a potentially deadly parasitic infection.

The move sparked outrage that resounded from the presidential campaign to the punk rock world and turned him into the new face of corporate greed. This guy is so comically bad he’s like a villain for Jessica Jones to tackle.

“Price gouging like this in the specialty drug market is outrageous”, Democratic frontrunner Hillary Clinton said on Twitter, vowing to fight runaway drug prices. Donald Trump called Shkreli “a spoiled brat”.

Several others joked about whether Shkreli would apply his pricing tactics in prison … or if fellow inmates might turn those practices against him.

Shkreli said the company would cut Daraprim’s price last month, however, Turing reneged on its pledge. Unfortunately, however, the drug still remains at an increased price but will be offered to hospitals at a 50 percent discount.

Shkreli appeared largely unapologetic, first saying he would lower the price before recanting. He recently spoke at the Forbes Healthcare summit and said that looking back on it, he “probably would have raised the price higher“. I don’t know if it’s going to lawsuits.

Maybe he can sell that Wu Tang album for bail.

Retrophin, which fired Shkreli more than a year ago, has since sued Shkreli in federal court, seeking $65 million from him, accusing him of misusing the company’s cash and stock.

Shkreli is the CEO of Turing Pharmaceutical.