Turing Pharma CEO Martin Shkreli arrested on securities fraud charges

NEW YORK (WATE) – He’s been called “the most hated man in America” by multiple national media outlets and now the boyish head of Turing Pharmaceuticals is behind bars after he was arrested by federal agents.

According to Bloomberg, Martin Shkreli, 32, was arrested at his Manhattan home early Thursday morning on securities fraud related to a firm he founded. Shkreli became infamous when the former head fund manager and head of Turing Pharmaceuticals raised the price of the drug Daraprim from $13.50 to $750.

Daraprim is used to treat toxoplasmosis, which can be deadly for unborn babies and patients with compromised immune systems, including HIV and cancer. His company bought the drug, moved it to a closed distribution system and drove up the price of the drug.

Shkreli’s arrest Thursday had nothing to do with the drug prices. He is accused of making secret payoffs and setting-up sham consulting arrangements. Lawyer Evan Greebel was also arrested in connection with the scheme.

The Associated Press contributed to this report.

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