Pharma boss Shkreli arrested on fraud charges

Pharmaceutical boss Martin Shkreli, who sparked outrage after hiking up the price of an established medicine, has been arrested on separate fraud charges. He is accused of fraud relating to a drug company he previously headed, Retrophin, and a hedge fund, MSNB Capital Management, where he was a fund manager. He is currently chief executive […]

Pharmaceutical boss Martin Shkreli, who sparked outrage after hiking up the price of an established medicine, has been arrested on separate fraud charges.
He is accused of fraud relating to a drug company he previously headed, Retrophin, and a hedge fund, MSNB Capital Management, where he was a fund manager.
He is currently chief executive of Turing Pharmaceuticals.
Mr Shkreli was arrested by the FBI. He was arrested in Manhattan, New York, accused of illegally using Retrophin assets to pay off debts after MSMB lost millions of dollars, reports Reuters news agency.
In September he was lambasted after hiking up the price of popular medicine Daraprim by 5,000% – from $13.50 to $750 – prompting unfavourable reaction on social media. The drug treats toxoplasmosis, a parasitic affliction that affects people with compromised immune systems, and is used by Aids patients.