Chief Executive Officer of Turing Pharmaceuticals Martin Shkreli was arrested on Thursday by the Federal Bureau of Investigation on fraud charges. Shkreli had been dubbed the “most hated man in America” after hiking the price of HIV drug Daraprim from $13.50 to $750 in September.
He was taken into custody at his New York City residence for an investigation related to a hedge fund and drug company he used to run, Reuters reported. Shkreli was the manager of hedge fund MSMB Capital Management and chief executive of biopharmaceutical firm Retrophin Inc. He was allegedly using Retrophin assets to pay off debts after MSMB lost millions of dollars, Reuters said.
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