Turing Pharmaceuticals CEO Martin Shkreli was arrested in Manhattan on Thursday morning (Dec. 17), by the FBI on securities fraud charges.
Bloomberg Business reports that "federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions" and said that "he is alleged to have made secret payoffs and set up sham consulting arrangements."
To pay off the debts after MSMB plummeted, Shkreli allegedly used assets from Retrophin, a biopharmaceutical company he founded while running MSMB, CNBC reports.
Shkreli has gained widespread notoriety after he hiked the price of Daraprim, a vital HIV drug, from $13.50 to $750 in September.
The 32-year-old has a history of jacking up prices for life-saving drugs, particularly in his time at Retrophin. According to the New York Times, Retrophin "acquired old, neglected drugs often used for rare diseases and substantially raised their prices," even raising "the price of Thiola, used to treat a disease that causes kidney stones, to $30 a pill from $1.50."
In recent months, the "Pharma Bro" has continued to essentially launch a PR war against himself, vexing a substantial portion of the Internet with his "aggressively douchey Twitter feed" in addition to threatening the Wu-Tang Clan after purchasing their album for $2 million.