Martin Shkreli, CEO Who Price-Gouged Life-Saving Medicine, Arrested
Martin Shkreli, the CEO infamous for increasing the price of a life-saving drug by more than 5,000 percent, was arrested by federal agents Thursday morning, Bloomberg Business reported.
The 32-year-old former hedge fund manager was taken into custody at his Manhattan home on charges of securities fraud. The charges are related to a Retrophin Inc., a company he managed before Turing Pharmaceuticals, the company he now runs that caused controversy after jacking up the price of Daraprim, a drug used to treat AIDS and cancer patients, from $13.50 per tablet to $750.
EXCLUSIVE: Pharma CEO Martin Shkreli arrested on charges of securities fraud https://t.co/Kwz4jw4bPA pic.twitter.com/hzn9C1IknR
— Bloomberg (@business) December 17, 2015
This case against him, however, has little to do with pharmaceutical price-gauging, the New York Times reported. He’s being charged for illegally taking stock from Retrophin Inc., the biotechnology firm he was fired from, and using it to pay off debts from other business deals. After being fired, Shkreli was sued by Retrophin’s board.
Evan L. Greebel, a corporate lawyer who worked with Shkreli, was also arrested. Federal prosecutors in Brooklyn are expected to hold a news conference to discuss the charges later in the day on Thursday.
Melissa McGlensey is the former News Editor at The Mighty. Her writing can also be seen in Ms. Magazine, on the Ms.Magazine blog and in The Huffington Post’s Good News, Comedy and Impact sections. Melissa is also a New York City comedian who does sketch, improv and stand up. She is passionate about social justice, politics, Thai food, literature, disability rights and more. She is currently in a long-distance relationship with her cat, Sneakers, who lives in California. You can follow her on twitter at @OhHeyMeliss.
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