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[Digest: Bloomberg; Daily News; Reuters]
Widely despised pharmaceutical CEO Martin Shkreli, who earned his notoriety by artificially inflating the price of a life-saving AIDS medication by 5,000%, was arrested at his home in Manhattan on Thursday.
<p class="shortcode-media shortcode-media-rebelmouse-image"><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA0NTczOC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMjM1MDU1Mn0.ZrkFLWGIIfzvKXbBx_j10BW135OKr2ry1qL0-cRbbHs/img.jpg?width=980" id="1f1c8" class="rm-shortcode" data-rm-shortcode-id="fc6d4529845efe0369cd40da9ebf53b8" data-rm-shortcode-name="rebelmouse-image"><small class="image-media media-caption" placeholder="add caption..."><a href="https://assets.rbl.ms/22045739/origin.jpg"></a> Credit: <a href="http://www.independent.co.uk/news/people/martin-shkreli-condemned-by-doctor-during-awkward-reddit-ama-calling-expensive-aids-medication-a6710491.html" target="_blank">Source</a>.</small></p><p>32-year-old Shkreli was taken into custody by the FBI early on Thursday morning for securities fraud. The charge is the result of an ongoing investigation into Shkreli’s biotech firm and hedge fund.</p><p><div id="insticator-container" class="embedid-ee1b1245-7f34-4d5c-8a70-c8be74fe7696"><div id="div-insticator-ad-1"></div><div id="insticator-embed"></div><div id="div-insticator-ad-2"></div><script data-cfasync="false" type="text/javascript">Insticator.ad.loadAd("div-insticator-ad-1");Insticator.ad.loadAd("div-insticator-ad-2");Insticator.load("em",{id : "ee1b1245-7f34-4d5c-8a70-c8be74fe7696"})</script></div></p><p><span style="font-weight: 400;">The charges </span><a href="http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN0U01IM20151217" target="_blank"><span style="font-weight: 400;">do not appear to be related to his tenure as CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc</span></a><span style="font-weight: 400;">. </span><span style="font-weight: 400;"></span></p><p><span style="font-weight: 400;">Reuters reports that </span><a href="http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN0U01IM20151217" target="_blank"><span style="font-weight: 400;">shares of KaloBios fell 53% in premarket trading</span></a><span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;">Evan Greebel, a New York City attorney, was also arrested. Shkreli and Greebel will likely appear </span></p><p></p><p><span style="font-weight: 400;">at an </span><a href="http://m.nydailynews.com/news/national/martin-shkreli-detested-pharma-ceo-arrested-report-article-1.2468546?utm_content=bufferdddd1&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer" target="_blank"><span style="font-weight: 400;">arraignment on Thursday afternoon</span></a><span style="font-weight: 400;">.</span></p><p>Shkreli founded his biotechnology firm, Retrophin, in <span style="font-weight: 400;">2011. He is accused of </span><a href="http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/" target="_blank"><span style="font-weight: 400;">illegally using funds from the firm’s stock to pay off debts incurred by his hedge fund</span></a><span style="font-weight: 400;">, MSMB Capital Management. The Securities and Exchange Commission is expected to file a civil lawsuit against Shkreli as well.</span></p><p><div data-conversation-spotlight=""></div></p><p><span style="font-weight: 400;">The controversial pharma CEO is best known for dramatically raising the price of Daraprim, a drug that is commonly used to protect cancer and AIDS patients from life threatening ailments. </span></p><p><span style="font-weight: 400;">The drug, which costs about $1 to produce, was being sold for $13.50 per tablet; </span><a href="http://m.nydailynews.com/news/national/martin-shkreli-detested-pharma-ceo-arrested-report-article-1.2468546?utm_content=bufferdddd1&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer" target="_blank"><span style="font-weight: 400;">Shkreli raised that price to $750</span></a><span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;">The move sparked a massive public outcry. Shkreli was called “</span><a href="http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/"><span style="font-weight: 400;">the most hated man in America</span></a><span style="font-weight: 400;">,” and even Donald Trump called him “a spoiled brat.”</span></p><p><span style="font-weight: 400;">Shkreli recently made headlines for his purchase of the only copy of a Wu Tang album. He spent millions of dollars on the purchase, and </span><a href="http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/"><span style="font-weight: 400;">reportedly has no plans to actually listen to it</span></a><span style="font-weight: 400;">. </span></p>
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