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Martin Shkreli, Infamous Pharma CEO, Arrested on Securities Fraud

By:
Chris Gaetano
Published Date:
Dec 17, 2015
GavelPharmaceutical CEO Martin Shkreli, who made headlines previously by dramatically raising the price of a life-saving drug, has been arrested on charges of securities fraud, according to Bloomberg

The 32-year-old businessman initially gained notoriety by purchasing the patent for a drug, Daraprim, used to treat a parasitic infection that is deadly to patients with weakened immune systems, and then raising its price from $13.50 a pill to $750. While public outrage initially led him to consider lowering the cost, he then reversed that decision and said, instead, that he should have made it even more expensive. He also bought the only copy of a new album by the Wu Tang Clan for $2 million, but said he probably won't listen to it. Consequently, multiple news outlets have dubbed him the most hated man in America. 

He was arrested by federal agents this morning, who believe that he took stock from Retrophin Inc., a pharmaceutical firm he started and was later fired from, in order to pay off debts from other business dealings, such as those associated with MSMB Capital, a hedge fund he previously managed that went on to lose millions, according to NBC. The federal government had apparently been investigating him since January, months before he broke into national headlines. 

Also charged was his attorney, who is accused of helping Shkreli with this alleged scheme.