In recent weeks, 32-year-old Martin Shkreli, CEO of Turing Pharmaceuticals AG, has become the subject of major public scorn. In September 2015, Shkreli and Turing infamously bought the HIV-fighting drug Daraprim, moved it to a "closed distribution system" and unapologetically raised its price from $13.50 to $750. This led everyone from Congress to Donald Trump to publicly denounce Shkreli. The BBC labeled him the “most hated man in America.” Shkreli promptly doubled-down on the public's negative perception of him by being the high-profile purchaser (for $2 million) this month of the sole copy of the Wu-Tang Clan's new album (long but interesting story).
It was with unbridled glee, then, that the media reported that Shkreli was arrested this morning on securities fraud related to a biotechnology firm he founded in 2011 called Retrophin Inc. Here is just a small sample:
"Jackass drug CEO Martin Shkreli arrested" (NY Post)
"Infamous Douche Martin Shkreli Arrested For Securities Fraud" (Gothamist)
"Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges" (Bloomberg)
"Karma is real: Pharma bro Martin Shkreli reportedly arrested" (Mashable)
And so on.
According to Bloomberg, federal prosecutors have charged Shkreli with "illegally taking stock from Retrophin Inc. ... and using it to pay off debts from unrelated business dealings." Shkreli allegedly "made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He's accused of conspiring with Shkreli in part of the scheme."
The SEC has reportedly been investigating Shkreli since 2012 and is expected to file a parallel case against him shortly.