The Man Who Paid $2 Million For A Wu-Tang Clan Album Was Arrested This Morning
Martin Shkreli is accused of securities fraud.
The New York Times reports that Martin Shkreli, founder of Turing Pharmaceuticals, was taken into custody this morning in Manhattan. Shkreli became infamous this year for raising the price of Daraprim, a useful drug for fighting parasitic infections, from $13.50 to $750. More recently, he spent $2 million dollars on a Wu-Tang album.
Shkreli is accused of security fraud from his time running a company called Retrophin. The indictment remains sealed, but Retrophin sued Shkreli earlier this year, declaring him "the paradigm faithless servant," and suggesting that "sometime in early 2012, and continuing until he left the company, Shkreli used his control over Retrophin to enrich himself and to pay off claims of MSMB investors (who he had defrauded)."
Federal prosecutors will address the arrest in a press conference today.