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The Price-Hiking CEO Martin Shkreli of Turing Pharmaceuticals Has Been Arrested By The FBI

Martin Shkreli

Martin Shkreli, one of the currently most reviled figures in the United States for his decision to hike the price of an HIV drug, Daraprim (and more recently, a drug for the deadly disease Chagas) has been arrested by the FBI for securities fraud.

Shkreli, who paid $2 million for the only copy of Wu-Tang Clan’s new album, has apparently crashed to earth with the rest of us plebeians for the time being with the news of his arrest this morning.

A person who was familiar with the case said that Shkreli’s arrest (and pending indictment in a Brooklyn, New York court), stems from his time at hedge fund MSMB Capital Management, which Shkreli managed, as well as his time at biopharmaceutical company Retrophin Inc.

Retrophin’s outside counsel, Evan Greebel, was also arrested and is also expected to be indicted.

Why was Shkreli arrested and why is he being indicted?  According to Reuters, Shkreli is expected to be charged today for using Retrophin’s assets to illegally pay off debts incurred at MSMB.

Shkreli has been in a legal battle with Retrophin since August, when the company sued him in a Manhattan federal court for $65 million.  Retrophin claimed that Shkreli had used his control of the firm to enrich himself as well as defrauding other clients at MSMB.  The investigation stems back from January 2015.

This would be a perfect time for Wu-Tang Clan to conduct its Bill Murray-related heist of the album that Shkreli bought.

[via Reuters]

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