One Day After Arrest For Securities Fraud, Turing Pharmaceuticals CEO Martin Shkreli Resigns

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A day after he was arrested as part of a securities-fraud investigation, Turing Pharmaceuticals CEO Martin Shkreli is no longer the company’s head executive. Though you may know Shkreli best as the guy whose company bought the rights to a generic drug used to save lives and dramatically increased the price from $13.50 to $750 overnight, a boost of more than 5400%, he’s now facing charges related to his time running a hedge fund and working at a company called Retrophin. Today, Turing announced that Shkreli has resigned, and that company chairman Ron Tilles will fill the role of interim chief, reports the New York Times, noting that Tilles was a founder and worked in business development at Retrophin. One Turing investor who spoke to the NYT said Shkreli’s arrest and indictment made it untenable for him to stay at the helm. “I don’t see how he can run this company anymore,’’ said the anonymous investor. “There’s no way it doesn’t hurt the company.’’ Shkreli has been charged with illegally taking stock from Retrophin, a company he started in 2011, and using it to pay off debts from unrelated business dealings. He pleaded not guilty to the charges of securities fraud yesterday and was released on $5 million bail. Martin Shkreli Resigns From Turing Pharmaceuticals [New York Times]

1. by Mary Beth Quirk
2. via Consumerist

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