In news that is not likely to inspire a great deal of sympathy, Turing Pharmaceuticals founder and noted douchelord Martin Shkreli has resigned as CEO of the company, a day after being busted for fraud by the FBI.
Shkreli rose to infamy in September when his company hiked the price of a price of Daraprim, a recently-acquired drug that has been a long-time treatment for cancer and AIDS patients, by 5000%.
He was arrested at his Manhattan home on Thursday on suspicion of duping investors at his former hedge fund MSMB Capital Management, where he is accused of running what amounts to a ponzi scheme.
Prosecutors claim that Shkreli cost investors more than $US 11 million, and used another biophatmaceuticals company, Retrophin, as his “personal piggybank”, duping investors by lying about the assets and success of his business.
In a statement today, Turing’s interim CEO Ron Tilles wished Shkreli all the best, saying:
“We wish to thank Martin Shkreli for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today, and wish him the best in his future endeavors.”
Shkreli, who is currently out on bail, faces seven counts of fraud and conspiracy.
Glad to be home. Thanks for the support.
— Martin Shkreli (@MartinShkreli) December 18, 2015
Story: The Guardian
Photo: Andrew Burton / Getty
Photo: Andrew Burton / Getty
