Martin Shkreli, 32, resigned as CEO of Turing Pharmaceuticals Friday following his arrest Thursday on charges of securities fraud; he was freed on a $5 million bond. Federal prosecutors accuse him of plundering Retrophin, a biopharmaceutical company that he once ran, and using it to "enrich himself" and pay off other investors.
"Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company," Brooklyn U.S. Attorney Robert Capers said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Road trip: New England’s maple syrup seasonFeature New England is serving up maple syrup in delicious and unexpected ways
-
Music Reviews: Mdou Moctar, Panda Bear, and Tate McRaeFeature “Tears of Injustice,” “Sinister Grift,” and “So Close to What”
-
What's at stake in the Mahmoud Khalil deportation fight?Talking Points Vague accusations and First Amendment concerns
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
