Martin Shkreli, the target of a wave of criticism over astronomical pharmaceutical prices, has been arrested by the FBI on securities fraud charges, reports Reuters.
“Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, was charged in a federal indictment related to his time managing hedge fund MSMB Capital Management and heading biopharmaceutical company Retrophin Inc.,” Reuters explains, adding “Brooklyn U.S. Attorney Robert Capers said at a news conference that Shkreli ‘essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off defrauded investors in the prior company.’ ”
Read more here.
Also read:
CP Rail boss ready for “street fight” over Norfolk takeover