This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35120668
The article has changed 8 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Pharma boss Martin Shkreli arrested on fraud charges | Pharma boss Martin Shkreli arrested on fraud charges |
| (about 1 hour later) | |
| 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. | 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 medicine Daraprim by 5,000% - from $13.50 to $750 - prompting unfavourable reaction on social media. | In September he was lambasted after hiking up the price of popular medicine Daraprim by 5,000% - from $13.50 to $750 - prompting unfavourable reaction on social media. |
| The drug treats toxoplasmosis, a parasitic affliction that affects people with compromised immune systems, and is used by Aids patients. | The drug treats toxoplasmosis, a parasitic affliction that affects people with compromised immune systems, and is used by Aids patients. |
| The move led presidential candidate Hilary Clinton to vow to tackle the problem of price gouging by pharmaceutical companies. | 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 Shkreli was also made chief executive of KaloBios Pharmaceuticals. Share trading in the company was suspended on reports of Mr Shkreli's arrest. | |
| 'Serious concerns' | |
| 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. | 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, 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. | Retrophin's board members chose to replace Shkreli as chief executive of the company in September 2014. |
| On Thursday, the company wrote in a statement: "The directors of Retrophin replaced Martin Shkreli as chief executive officer more than a year ago because of serious concerns about his conduct. | |
| "Following his departure, the company authorised an independent investigation of Mr Shkreli's conduct, publicly disclosed its findings, and has fully cooperated with the government investigations into Mr Shkreli." |