Turing Pharma CEO Martin Shkreli Arrested For Securities Fraud: Report

GettyImages-501735962 — Martin Shkreli (second from right), CEO of Turing Pharmaceuticals, is brought out of 26 Federal Plaza by law enforcement officials after being arrested for securities fraud on Dec. 17, 2015, in New York City. Andrew Burton/Getty Images

Martin Shkreli, the notorious CEO of Turing Pharmaceuticals, who shot to infamy earlier this year when he hiked the price of a life-saving HIV drug from $13.50 to $750, was arrested Thursday on charges of securities fraud related to a firm he founded, Bloomberg reported.

The allegations stem from his time as manager of hedge fund MSMB Capital Management and chief executive of biopharmaceutical company Retrophin.

Prosecutors have reportedly charged him with illegally taking stock from the biotech firm, which he founded in 2011, and using it to pay off unrelated business debts, Bloomberg said. He was later ousted from the company and sued by its board in August.

At the time, Shkreli, 32, dismissed the lawsuit, saying he was planning to file counter-lawsuits against the company. “The $65 million Retrophin wants from me would not dent me. I feel great,” he had reportedly said.