NEW YORK DAILY NEWS
Updated: Thursday, December 17, 2015, 7:20 AM
Maybe he can sell that Wu Tang album for bail.
The much-hated pharmaceutical entrepreneur who jacked up the price of a life-saving AIDS pill by more than 5,000% was arrested for securities fraud, according to reports.
Martin Shkreli, Turing Pharma’s CEO who bought Wu Tang’s one-of-a-kind album for a reported $ 2 million earlier this month, was taken into FBI custody early Thursday amid a federal investigation related to his former companies.
While notorious for his work at the helm of the drug company, Shkreli’s fraud charge comes from his previous work leading a biotech firm and a hedge fund.
Prosecutors claim the 32-year-old illegally took stock from Retrophin Inc., a biotechnology company he founded in 2011, Bloomberg reported. He then allegedly used the swiped funds to pay off debts from his failed hedge fund, MSMB Capital Management.
Shkreli rose to infamy earlier this year after Turing Pharmaceuticals raised the price of Daraprim — a 62-year-old drug that fights against the life-threatening parasite toxoplasmosis and protects cancer and AIDS patients — to $ 750 per tablet from $ 13.50.
The pill costs about $ 1 to produce.
Earlier this month, the “pharma bro” said he wished he raised the price even more.
“I could have raised it higher and made more profits for our shareholders, which is my primary duty,” he said. “No one wants to say it, no one’s proud of it, but this is a capitalist society, capitalist system and capitalist rules, and my investors expect to me to maximize profits.”
With News Wire Services
This is a developing story. Please check back for updates.