CEO WHO HIKED PRICE OF DRUG ARRESTED AFTER SECURITIES PROBE

[khwaidee1 196]

Updated 5 mins ago

Turing Pharmaceuticals CEO and former hedge fund manager Martin Shkreli, who was heavily criticized for raising the price of a drug used to treat a life-threatening infection by more than 4,000 percent, has been arrested by federal authorities.

Shkreli was arrested early Thursday morning and charged with securities fraud by federal prosecutors for allegedly plundering Retrophin, a biopharmaceutical company he used to run, for personal gain, a FBI spokeswoman and law enforcement officials confirmed to ABC News.

Calls to Shkreli's attorneys were not immediately returned.

Retrophin filed a lawsuit against Shkreli in August alleging he used the company to "enrich himself" and pay off claims to other investors, according to court documents. The company is seeking $65 million in damages from the former manager. In a post from earlier this year, Shkreli defended his time at the company and said that every transaction he made at the company was done with the "blessing" of outside counsel.

Shkreli called the lawsuit allegations "untrue at best and defamatory at worst," in a post on Investorshub.com, "I am evaluating my options to respond. Every transaction I've ever made at Retrophin was done with outside counsel's blessing."

Shkreli faced intense backlash after Turing Pharmaceuticals hiked the price of Daraprim, an antiparasite drug, from $18 to $750 earlier this year.

ABC News' Aaron Katersky contributed to this report.

[smilesammich 10,727]

i hope wu tang got their album back first.

[Darnell 8,479]

Shrekli played the system, that's for certain, staying within the law.

I think folk are just upset by his drug price increases, especially after that interview on him aired earlier this year.

Were they upset enough to launch a probe? Apparently so !

[khwaidee1 196]

i hope wu tang got their album back first.

and that he finally listened to the whole thing before he gave it back.............

[smilesammich 10,727]

and that he finally listened to the whole thing before he gave it back.............

IKR!?!?!?! what kind of smug douche doesn't even listen to the album!?

[khwaidee1 196]

IKR!?!?!?! what kind of smug douche doesn't even listen to the album!?

When Wu Tang auctioned it off they only let prospective bidders listen to part of the album. This douche actually got a few extra minutes but it was reported he had an assistant listen to it be fore he maxed the bid and bought it for a cool $2 million!

[Teddy B 17,252]

i hope wu tang got their album back first.

What's a wu tang?

[smilesammich 10,727]

What's a wu tang?

teddy. go sit in the corner.

[Teddy B 17,252]

teddy. go sit in the corner.

[khwaidee1 196]

What's a wu tang?

Swap the w with a p. The Wu Tang Clan.

[Dakine10 5,452]

Shrekli played the system, that's for certain, staying within the law.

I think folk are just upset by his drug price increases, especially after that interview on him aired earlier this year.

Were they upset enough to launch a probe? Apparently so !

Well he may have strayed a little outside the law, it seems. Time will tell.

I'm not sure if financial wealth can ever make up for being morally bankrupt, but apparently he is at peace with it.