CEO that jacked price of HIV medication arrested for fraud


US pharmaceutical mogul Martin Shkreli has been reportedly arrested on fraud charges for misappropriating funds.

Shkreli has been making headlines for months after he bought the patent for HIV-treating medication ‘Daraprim’ and upped the price to $750 per pill, up from $13.50 (USD).

He has also more recently been the centre of attention for paying $2mil for a one-of-a-kind, much sought after album from New York rappers Wu-Tang Clan.

Shkreli has been charged for using stock from his biotech company Retrophin Inc. to pay debts from an unrelated business. Retrophin terminated Mr Shkreli in 2014 and subsequently sued him for his actions.

“The Directors of Retrophin replaced Martin Shkreli as Chief Executive Officer more than a year ago because of serious concerns about his conduct,” A spokesperson for Retrophin told media.

Following his departure, the company authorised an independent investigation of Mr Shkreli’s conduct, publicly disclosed its findings, and has fully cooperated with the government investigations into Mr Shkreli.”

OIP Staff

Tags: , , , , , ,