Martin Shkreli, the CEO of Turing Pharmaceuticals AG who hiked up the price of one life-saving pill from $13.50 to $750 after taking over its rights, was arrested early Thursday for securities fraud allegations.
Authorities accused Shkreli, 32, with illegally taking stock from Retrophin, Inc., to pay off debts for another business venture. Shkreli founded Retrophin in 2011 but was later forced from the company and sued by board members, Bloomberg reported.
Shkreli was characterized as the most hated man on the Internet for jacking the price of the life-saving pill by 5,000 percent.
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He was arrested at his home in Manhattan by federal authorities, who accused him of engaging in a complex shell game that involved secret payoffs and fake consulting arrangements, Bloomberg reported. A New York attorney, Evan Greebel, was also arrested Thursday on charges of conspiring with Shkreli in the scheme.