On Friday, the pharmaceutical executive resigned as head of the drugmaker Turing Pharmaceuticals, a day after being arrested on charges of securities fraud related to a company he previously ran.
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But Mr. Shkreli’s arrest last Thursday, on securities fraud charges at his former hedge fund, strengthened the conviction of many Hunter alums that Shkreli had never really “cleaned up” after high school.
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“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors”, Tilles said in a statement about the move.
The hedge fund manager-turned-pharmaceutical company, CEO was arrested abruptly from his Manhattan home before dawn and in a dramatic turn of events.
He was charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, with a maximum sentence for the top count of 20 years in prison.
Shkreli entered a not guilty plea and was released on a $5 million bond, according to the Associated Press. Since September he has used Twitter to prod his detractors; he has also appeared on CNBC to defend drug price increases and told guests at a Forbes healthcare conference earlier this month that he should have raised the price of Daraprim further.
“The Directors of Retrophin replaced Martin Shkreli as Chief Executive Officer more than a year ago because of serious concerns about his conduct”.
The charges against him stem from his time at drug company Retrophin.
Shkreli’s $2-million bid for the album was arranged before his “business practices came to light”, the musicians said in a statement to Bloomberg News.
In August, though, Retrophin sued Shkreli for more than $65 million, accusing him of using his control of the company to enrich himself and to pay off the claims of financial fund investors he had defrauded. It is unclear if the company will take a different approach under the interim leadership of Tilles.
“We have been working with Twitter to get it fixed”, he said.
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Asked if Shkreli raised drug prices to pay back investors, Capers said that was not part of the investigation. Shares of KaloBios remained suspended Friday (Dec 18) for the second day in a row. After his arrest, its stock fell by more than half Thursday before trading in the company was suspended.
