Turing Pharmaceuticals CEO and League of Legends team owner Martin Shkreli was arrested today on charges of securities fraud and corruption. According to Bloomberg, Shkreli is accused of using money illegally from his company Retrophin in order to pay off debts incurred by a separate company. Shkreli made a name for himself as the poster boy of capitalism run amok when he bought up a drug used for treating immune-related illnesses including, among other things, HIV and subsequently raised the price by more than 5000% from $13.70 a pill to $750. Shkreli later reneged on promises that the company had learned the error of its ways and would bring the price back down.
Shkreli has been accused of running his companies like a ponzi scheme, using the assets to pay off investors from previous failed ventures. Presidential candidate Bernie Sanders rejected a campaign donation from Shkreli, with Donald Trump referring to him as a spoiled brat. If convicted, Shkreli could be banned from running a public company.
(Source: Bloomberg)
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