Internet's most hated CEO arrested on fraud charges
MARTIN Shkreli ran his companies "like a Ponzi scheme", according to US Attorney Robert Capers.
The pharmaceuticals tycoon has been arrested on fraud charges.
The 32-year-old previously caused outrage by raising the price of life-saving HIV-related drugs from $13.50 to $750 ($18 to $1054).
WHO IS MARTIN SHKRELI?
- Hedge Fund trader buys AIDs drug, puts up price 5000%
- The 'most hated man' is raising the price of another drug
At first, he said he would lower the price of Daraprim, but later changed his mind.
When Hillary Clinton tweeted that a 10 per cent price reduction was not enough, he responded with one word: "lol".
He is charged with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings.
"As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company," US Attorney Robert Capers said.