Be the most informed person in the room with Newsy's free e-newsletter

View our privacy policy: http://www.newsy.com/privacy/

Hated 'Pharma Bro' Who Spiked HIV Drug Price Arrested On Fraud Charges

Martin Shkreli, CEO of the company that raised the price of a life-saving drug, was reportedly arrested on fraud charges unrelated to the drug price.
SMS

The pharmaceutical CEO who raised the price of a life-saving drug more than 5,000 percent was arrested this morning, according to Bloomberg.

The outlet reports federal prosecutors charged Turing Pharmaceuticals' Martin Shkreli with securities fraud — seemingly unrelated to the price hike. He's currently out on $5 million bond, and his travel is restricted to parts of New York. (Video via Bloomberg)

Bloomberg says prosecutors charged Shkreli with taking stock from his former company Retrophin to pay off "unrelated business dealings."

The company ousted him last year. It also investigated and eventually sued Shkreli for possible corrupt trading practices and alleged fake consulting deals with investors who lost money on Retrophin.

Shkreli's comments on non-pharmaceutical topics have been controversial, too. (Video via CBS)

Just this month, he bought a one-of-a-kind Wu-Tang Clan album for millions of dollars. He told HipHopDX he was going to be conservative about playing it, but said he might play it for Taylor Swift in exchange for sexual favors.

This video includes images from Getty Images.

Featured Stories
Flowers and candles are placed outside the Reina nightclub in Istanbul.

Suspect In The Istanbul New Year's Eve Nightclub Attack Confesses

Relatives of passengers who were on the missing MH370 flight.

Relatives Of Missing MH370 Passengers Face Suspended Search Efforts

Chris Kattan and Will Ferrell in "A Night at the Roxbury."

When It Comes To Numbers For Women In Film, It Might As Well Be 1998

Want to see more stories like this?
Like Newsy on Facebook for More Company News Coverage