FBI arrests controversial pharma boss for securities fraud

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.

Also read:

CP Rail boss ready for “street fight” over Norfolk takeover

Swiss regulator slaps bans on former UBS traders

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.