Martin Shkreli, chief executive of Turing Pharmaceuticals, leaves a United States Federal courthouse following an arraignment on charges of securities fraud in Brooklyn, New York, on December 17, 2015. He pleaded not guilty and was released on $5 million bond.
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Turing announced Friday that Shkreli has resigned as CEO of the pharmaceuticals company he founded as he faces charges of essentially running a Ponzi scheme with investors at his hedge fund earlier in his career.
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In a statement on Friday, Turing said that Mr Tilles will continue to hold the board chairman position as well. “We wish to thank Martin Shkreli for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today, and wish him the best in his future endeavors”, said Tilles.
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Evan Greebel allegedly helped Shkreli in his schemes.
Shkreli has been under investigation for securities fraud related to hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc.
Andrew J Ceresney, director of the Securities and Exchange Commission, said that Mr Shkreli committed “nearly every aspect of hedge-fund investments and in connection with his stewardship of a public company”. He was released on five million dollar (£3.3 million) bail.
Earlier this month Shkreli tweeted that he “may play something special”.
Shkreli had been widely pilloried for jacking up the price of a drug used to treat AIDS patients by more than 5,000%.
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Tilles, who handled business development for Retrophin at the time, was not named in the indictment against Shkreli and has not been charged with any crime. He did so this fall, shortly after Turing acquired rights to sell the pill in the USA, paying another company $55 million for it. Shares of KaloBios plunged by close to 50 percent on the back of the reports and trading had to be halted in the shares.
