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Martin Shkreli resigns as Turing CEO after securities fraud arrest
“The sale of Once Upon a Time in Shaolin was agreed upon in May, well before Martin Shkreli’s business practices came to light”, founder RZA said in a statement. Following extreme criticism for the increase, including from Hillary Clinton, Bernie Sanders, and Donald Trump, Shkreli said he would keep the $750 price but would offer volume discounts.
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On Friday, Turing said it remains “committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl” and that “research development on new medications continues to be a priority for the company”.
Shkreli, 32, was arrested Thursday by the Federal Bureau of Investigation on criminal fraud charges and is also facing related civil claims brought by the U.S. Securities and Exchange Commission.
The FBI’s NY office confirmed that it did not seize the one-of-a-kind $2 million Wu-Tang Clan album when agents arrested Martin Shkreli for alleged securities fraud this week.
Shkreli is planning to step down from Turing, which has not yet decided whether it will appoint an interim or permanent replacement, the report said, citing people familiar with the matter.
Shkreli, for his part, appeared to either be unaware of that reaction, or deliberately mocking it with his first and only tweet after being let out on bail. “Thanks for the support”.
The charges are unrelated to his tenure at Turing.
With shares falling faster than Shkreli’s street cred every time he opens his damn mouth, it’s inevitable the former hedge fund manager will drop the “pharma” from his nickname and instead just be douche.
Essentially, Shkreli used each new company’s profits to pay off other, unhappy, investors from his hedge fund. Retrophin had sued Shkreli for more than $65 million accusing him of using his control of the company to enrich himself and repay money to investors he had defrauded. He founded Turin in February, and also became the CEO of KaloBios Pharmaceuticals in November.
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Nasdaq has placed KaloBios’ stock on a trading halt until the company provides more information.