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| Pharma boss Martin Shkreli arrested on fraud charges | Pharma boss Martin Shkreli arrested on fraud charges |
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| Pharmaceutical boss Martin Shkreli, who sparked outrage after hiking up the price of an established medicine, has been arrested on separate fraud charges. | Pharmaceutical boss Martin Shkreli, who sparked outrage after hiking up the price of an established medicine, has been arrested on separate fraud charges. |
| He is accused of fraud relating to a drug company he previously headed, Retrophin, and a hedge fund, MSNB Capital Management, where he was a fund manager. | He is accused of fraud relating to a drug company he previously headed, Retrophin, and a hedge fund, MSNB Capital Management, where he was a fund manager. |
| He is currently chief executive of Turing Pharmaceuticals. | He is currently chief executive of Turing Pharmaceuticals. |
| Mr Shkreli was arrested by the FBI. | Mr Shkreli was arrested by the FBI. |
| He was arrested in Manhattan, New York, accused of illegally using Retrophin assets to pay off debts after MSMB lost millions of dollars, reports Reuters news agency. | |
| In September he was lambasted after hiking up the price of popular AIDS and parasitic infection medicine Daraprim by 5,000% - from $13.50 to $750 - prompting unfavourable reaction on social media. | |
| The move led presidential candidate Hilary Clinton to vow to tackle the problem of price gouging by pharmaceutical companies. | |
| Analysts said that the issue had since led to volatility in pharma shares. | Analysts said that the issue had since led to volatility in pharma shares. |
| In November, Mr Skhreli was also made chief executive of KaloBios Pharmaceuticals. | In November, Mr Skhreli was also made chief executive of KaloBios Pharmaceuticals. |
| The FBI's investigation dates back at least to January, when Retrophin said it received a subpoena from prosecutors seeking information about its relationship with Shkreli. | |
| Retrophin, which Shkreli founded in 2011, sued its former boss in August for misuse of company funds. | |
| Retrophin's board members chose to replace Shkreli as chief executive of the company in September 2014. |