Martin Shkreli, the man behind the company responsible for driving up prices on an HIV/AIDS drug by over 5000% has been arrested
The arrest is not connected to his recent price hiking activity, but is instead related to his time as manager of hedge fund MSMB Capital Management and, later, CEO of Retrophin Inc - Shkreli's first pharmaceutical business from which he was fired in 2014.
Nate Raymond, writing for Reuters in New York said that this arrest forms part of a securities fraud probe into the two businesses. Raymond added that "Shkreli, 32, was expected to be charged on Thursday for illegally using Retrophin assets to pay off debts after MSMB lost millions of dollars"
Twitter reaction
Shkreli has become a top trending topic on Twitter since news of his arrest broke. Author and journalist Jon Ronson tweeted: "Now I'll never get to interview Martin Shkreli, which kind of makes us all victims."
Greg Hogben, a British author and supporter of LGBT and women’s rights tweeted: “Martin Shkreli - man who hiked up price of AIDS drug - arrested. Because Karma is beautiful.”
Earlier this year, Retrophin sued Shkreli for $65 million for allegedly using company assets to pay off debts from his previous business. Shkreli, who the BBC has described as ‘the most hated man in America’ responded, saying “The $65 million Retrophin wants from me would not dent me. I feel great. I’m licking my chops over the suits I’m going to file against them.”
After leaving Retrophin, Shkreli launched Turing Pharmaceuticals and went on to acquire the rights to Daraprim. The drug, which is used to treat some HIV patients, quickly saw a price hike of over 5000%, a move which made the headlines and saw Shkreli facing considerable public disapproval.