Health News
Published: Dec 17, 2015
[VIDEO] FBI Arrests Controversial Price Gouging Pharma Boss Martin Shkreli
by Ann Warren

[VIDEO] Martin Shkreli, most famous for a Pharmaceutical company's 5,000 percent price increase of an essential drug, has been arrested on charges of securities fraud, Bloomberg reported.

Shkreli, 32, was taken into custody at his New York City residence. He was previously the manager of hedge fund MSMB Capital Management and chief executive of biopharmaceutical company Retrophin Inc.
Shkreli was arrested in relation to a firm he founded in 2011. This is unrelated to the price hike he instituted for Daraprim. According to a Bloomberg report on Thursday, prosecutors allege he illegally took stock from his biotechnology firm, Retrophin Inc., and used that to pay debts from unrelated business dealings.

Shkreli was revealed earlier in the month as the buyer of the Wu-Tang Clan's one-of-a-kind album, Once Upon A Time In Shaolin. This angered many fans of the group.

Bloomberg reported Shkreli as the buyer.

Earlier this year, Shkreli became one of the most despised men in America when his company acquired Daraprim, a drug used to treat AIDS and cancer patients, and then raised the price from $13.50 to $750 a pill.

FBI officials also were not immediately available for comment.

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