Pharma Douchelord Martin Shkreli Quits CEO Position After Fraud Arrest

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.

Story: The Guardian
Photo: Andrew Burton / Getty