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Martin Shkreli, the target of a wave of criticism over astronomical pharmaceutical prices, has been arrested by the FBI on securities fraud charges, reports Reuters.

Read: Valeant on road to recovery, says CEO

“Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, was charged in a federal indictment related to his time managing hedge fund MSMB Capital Management and heading biopharmaceutical company Retrophin Inc.,” Reuters explains, adding “Brooklyn U.S. Attorney Robert Capers said at a news conference that Shkreli ‘essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off defrauded investors in the prior company.’ ”

Read more here.

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Originally published on Advisor.ca

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