Martin Shkreli, the drug company executive who shot to fame for arbitrarily increasing the cost of lifesaving drugs, was arrested for securities fraud today.
Read: Martin Shkreli’s indictment for security fraud
You can read the full indictment here:
A lot of the anxiety over the rising cost of drugs in the US was channeled through the CEO of Turing Pharmaceuticals, earning him the nickname “the most hated man in America.” But it also didn’t help that he’s acted like an ass in public, frequently tweeting unapologetic statements about his decisions to hike drug prices and braggadocio about his dating exploits.
It was ultimately what US prosecutors described as a “Ponzi-like scheme”: he used money from a new company he created to pay off debts from his older companies.
Go deeper:
- Why Martin Shkreli was arrested, in one chart
- Martin Shkreli, “most hated man in America” for drug price hikes, has been arrested
- He raised drug prices 5,500 percent — because in America, he can
- How the wunderkind became American’s “most hated man”
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