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Shkreli resigns as head of Turing following arrest Martin Shkreli quits Turing Pharmaceuticals after arrest
(35 minutes later)
Martin Shkreli has resigned as chief executive officer of Turing Pharmaceuticals following his arrest, the company has said. Martin Shkreli has resigned as chief executive of Turing Pharmaceuticals following his arrest on Thursday.
Ron Tilles will take over from Mr Shkreli, who has been accused of securities fraud in relation to a drug company and a hedge fund he managed.Ron Tilles will take over from Mr Shkreli, who has been accused of securities fraud in relation to a drug company and a hedge fund he managed.
Mr Shkreli was accused of running a Ponzi scheme at his former company.
Turing and Mr Shkreli became infamous in the US for raising the price of an HIV drug by 5,000% earlier this year.Turing and Mr Shkreli became infamous in the US for raising the price of an HIV drug by 5,000% earlier this year.
His arrest was unrelated to this. His arrest was unrelated to this price rise.
US prosecutors said on Thursday that "Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit".
The FBI has accused Mr Shkreli of running a Ponzi scheme, in which assets from his former company, Retrophin, were illegally used to pay off debts at MSMB, the hedge fund he managed.
The US Securities and Exchange Commission also charged him with defrauding investors in MSMB to conceal poor investment choices.
The SEC also accused Mr Shkreli of taking money from the hedge fund to use for personal expenses.
New management
Mr Tilles, who served as chairman of Turing's board of directors since the company was founded last year, will take on the role of chief executive on an interim basis.
In a statement he said, "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 endeavours."
Mr Tilles has worked with private equity and venture capital firms in the pharmaceutical and medical device industry for the past 20 years.
Prise rise
Turing and Mr Shkreli came to the public's attention in September after the company raised the price of a popular HIV drug - Daraprim - from $13.50 to $750- a 5000% increase.
Mr Shkreli was lambasted for the decision, but fought back accusing the public and politicians of not understanding the industry.
He later backed down and said the company would lower the price, though in its official plan Turing actually kept the price of Daraprim the same, offering discounts to hospital and financial aid for some patients.