(WTNH) — The drug company entrepreneur famous for hiking up the price of a life-saving drug has now been arrested on fraud charges.
32-year-old Martin Shkreli was arrested today for federal securities fraud charges. Allegedly, the case focuses on Shkreli’s time as the CEO of a biotechnology firm called Retrophin. Prosecutors say he used the company’s cash and stock to settle investor claims from his now-defunct hedge funds. Shkreli denies those charges.
Shkreli also faces a big civil law suit from Retrophin, which ousted him last year. The suit is for over 65 million dollars.
The current CEO of Turing Pharmaceuticals was dubbed “the Most Hated Man in America” when he bought the rights to the drug Daraprim. Shkreli then raised the price for the drug used to treat cancer and AIDS patients from around 13 dollars to over 700 dollars a pill.